SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported) October 1, 1999
OLYMPUS COMMUNICATIONS, L.P.
(Exact name of registrant as specified in its charter)
Delaware 333-19327 25-1622615
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
OLYMPUS CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-19327 23-2868925
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
----------------------------------------------------------------
One North Main Street - Coudersport, PA 16915-1141
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (814) 274-9830
<PAGE>
Item 1. Changes in Control of Registrant.
The redemption by Olympus Communications, L.P., of the Olympus
partnership interests held by Telesat Cablevision, Inc. as described in Item 5
of this report may be deemed to involve a change in control of Olympus.
Accordingly, the information set forth below under Item 5 is incorporated herein
by reference.
Item 5. Other Events.
On October 1, 1999, Olympus Communications, L.P. completed its
previously announced redemption of the interests in Olympus held by Telesat
Cablevision, Inc., a subsidiary of FPL Group, Inc. The redemption was made in
exchange for noncash assets of Olympus valued at approximately $108 million
pursuant to the previously announced redemption agreement between the parties.
As a result of the redemption, Olympus has become a wholly-owned subsidiary
partnership of Adelphia Communications Corporation and the financial results of
Olympus will be consolidated with those of Adelphia and Adelphia's other
consolidated subsidiaries. Prior to the redemption, Olympus was a
nonconsolidated joint venture of Adelphia accounted for on the equity method.
The redemption transaction was the result of arms length negotiations
between the parties. Olympus owned and operated cable television systems which
as of June 30, 1999 served approximately 641,000 basic subscribers. Adelphia
will continue to operate the Olympus systems after the redemption. One of the
directors of Adelphia is Dennis Coyle, who is also the Vice President, Secretary
and General Counsel of FPL Group, Inc. and is an officer and director of Telesat
Cablevision, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: October 14, 1999 OLYMPUS COMMUNICATIONS, L.P.
BY: ACP HOLDINGS, INC.
Managing General Partner
By: /s/Timothy J. Rigas
Timothy J. Rigas
Executive Vice President, Treasurer,
and Chief Financial Officer of ACP
Holdings, Inc.
Date: October 12, 1999 OLYMPUS CAPITAL CORPORATION
By: /s/Timothy J. Rigas
Timothy J. Rigas
Executive Vice President, Treasurer,
and Chief Financial Officer
