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SEC Filings

10-K405
RENAISSANCE MEDIA GROUP LLC filed this Form 10-K405 on 03/31/1999
Entire Document
 
<PAGE>
 
                          RENAISSANCE MEDIA GROUP LLC
 
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued)
 
                               December 31, 1998
                       (All dollar amounts in thousands)
 
Acadia and Livingston Parish, Louisiana. The cash purchase price was
approximately $2,700 and was paid out of available Company funds.
 
   Unaudited Pro Forma summarized results of operations for the Company for
the year ended December 31, 1998 and 1997, assuming the Acquisition, Notes (as
hereinafter defined) and Credit Agreement (as hereinafter defined) had been
consummated on January 1, 1998 and 1997, are as follows:
 

<TABLE>
<CAPTION>
                                                               Year ended
                                                               December 31
                                                            ------------------
                                                              1998      1997
                                                            --------  --------
      <S>                                                   <C>       <C>
      Revenues............................................. $ 56,745  $ 50,987
      Expenses.............................................   55,210    53,022
                                                            --------  --------
      Operating (loss) income..............................    1,535    (2,035)
      Interest expense and other expenses..................  (19,699)  (19,740)
                                                            --------  --------
      Net (Loss)........................................... $(18,164) $(21,775)
                                                            ========  ========
</TABLE>

 
4. Debt
 
   As of December 31, 1998, debt consisted of:
 

<TABLE>
      <S>                                                              <C>
      10.00% Senior Discount Notes at Accreted Value (a).............. $107,374
      Credit Agreement (b)............................................  102,500
                                                                       --------
                                                                       $209,874
                                                                       ========
</TABLE>

- --------
(a) On April 9, 1998, in connection with the Acquisition described in Note 3,
    the Company issued $163,175 principal amount at maturity, $100,012 initial
    accreted value, of 10.00% senior discount notes due 2008 ("Notes"). The
    Notes pay no interest until April 15, 2003. From and after April 15, 2003
    the Notes will bear interest, payable semi-annually in cash, at a rate of
    10% per annum on April 15 and October 15 of each year, commencing October
    15, 2003. The Notes are due on April 15, 2008.
(b) On April 9, 1998, Renaissance Media entered into a credit agreement among
    Morgan Stanley & Co. Incorporated as Placement Agent, Morgan Stanley
    Senior Funding Inc., as Syndication Agent, the Lenders, CIBC Inc., as
    Documentation Agent and Bankers Trust Company as Administrative Agent (the
    "Credit Agreement"). The aggregate commitments under the Credit Agreement
    total $150,000, consisting of a $40,000 revolver, $60,000 Tranche A Term
    Loans and $50,000 Tranche B Term Loans (collectively the "Term Loans").
    The revolving credit and term loans are collateralized by a first lien
    position on all present and future assets and the member's interest of
    Media, Louisiana and Tennessee. The Credit Agreement provides for interest
    at varying rates based upon various borrowing options and the attainment
    of certain financial ratios and for commitment fees of 1/2% on the unused
    portion of the revolver. The effective interest rate, including commitment
    fees and amortization of related deferred financing costs and the
    interest-rate cap, for the year ended December 31, 1998 was 8.82%.
 
   On April 9, 1998, $110,000 was borrowed under the Credit Agreement's
Tranche A and B Term Loans. On June 23, 1998, $7,500 was repaid resulting in
$102,500 of outstanding Tranche A and B Term Loans as of December 31, 1998.
 
 
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