FOR IMMEDIATE RELEASE
CORECOMM LIMITED ANNOUNCES COMPLETION OF $360 MILLION OF
FINANCING COMMITMENTS
New York, New York (September 20, 2000) - CoreComm Limited (NASDAQ: COMM)
announced today that it has received banking commitments which satisfy
conditions that will allow the Company to close on a total of $360 million of
financings which will fund, among other things, the acquisitions of ATX
Telecommunications Services, Inc. and Voyager.net, Inc.
Barclay Knapp, Chief Executive, stated: "With these significant financing
commitments in place, we remain on track to have our shareholders approve the
acquisitions of ATX and Voyager later this week, and this fully funds the
combined Company's plan in its current markets. We look forward to completing
these acquisitions, and further developing the combined company into a major
national telecommunications and Internet provider in the U.S."
In addition to the $310 million of financing which was previously announced, the
Company has obtained a financing commitment for $50 million from The Chase
Manhattan Bank in the form or a Senior Unsecured Credit Facility with a stated
maturity in 2009. The ATX and Voyager acquisitions remain subject to usual
closing conditions and provisions of the related agreements. It is expected that
the acquisitions will close prior to the end of the third quarter.
For further information contact: Michael A. Peterson, Vice President - Corporate
Development or Richard J. Lubasch, Senior Vice President - General Counsel at
(212) 906-8485
