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SEC Filings

S-4/A
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 05/28/1999
Entire Document
 
<PAGE>

                                 CAPITALIZATION

   The following table sets forth:

  . the unaudited capitalization as of March 31, 1999 of each of Avalon Cable
    LLC and Avalon Cable Holdings Finance, Inc., which were the issuers under
    the old notes as of such date, and

  . the pro forma combined capitalization of the issuers as of March 31,
    1999, giving effect to the pending acquisitions and other matters
    described herein.

   The information in the following table should be read in conjunction with
the "Management's Discussion and Analysis of Financial Condition and Results of
Operations" section of this prospectus and the financial statements and the
notes thereto which you can find elsewhere in this prospectus.


<TABLE>
<CAPTION>
                                    Unaudited March 31, 1999
                                    -------------------------
                                                      Avalon      Unaudited
                                                     Holdings Pro Forma Combined
                                    Avalon Cable LLC Finance    March 31, 1999
                                    ---------------- -------- ------------------
                                               (dollars in thousands)
<S>                                 <C>              <C>      <C>
  Credit facility..................     $177,366     $   --        $177,939(1)
  Senior subordinated notes........      150,000         --         150,000
  New notes........................          --          --         114,781(2)
  Old notes........................      114,781         --             --
  Notes Payable--affiliates........          --       15,338            --
  Other............................          580         --             580
                                        --------     -------       --------
    Total debt.....................      442,727      15,338        443,300
  Issuers' equity..................      138,628         --         138,628
                                        --------     -------       --------
    Total capitalization...........     $581,355     $15,338       $581,928
                                        ========     =======       ========
</TABLE>


  (1) To reflect additional borrowings under the credit facility for the
      completed and pending acquisitions of Traverse Internet, Hometown TV
      and Galaxy American Communications of $573.

  (2) To reflect the exchange of old notes for new notes.

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