Exhibit 99.01
FOR RELEASE: Immediate
CONTACTS: Karen Chrosniak, Director of Investor Relations
Dean Marshall, Director of Finance or
Jim Brown, Vice President, Finance
(877) 496-6704
Adelphia Communications Corporation Announces Bank Financing
COUDERSPORT, PA., September 13, 2000/PR Newswire/--John J. Rigas, Chairman and
CEO of Adelphia Communications Corporation ("Adelphia") (NASDAQ: ADLAC), today
announced that Adelphia has received commitments for a new $500 million, 9-1/4
year bank term loan. The new term loan will form an additional tranche of an
existing $2.25 billion credit facility closed in April 2000 by subsidiaries and
affiliates of Adelphia, bringing the total amount of that bank facility to $2.75
billion. Adelphia expects to close the new term loan, which is subject to
customary conditions, by September 26, 2000.
The Company noted that the new term bank loan was separate and distinct from the
Company's proposed offering of $500 million Senior Notes due 2010, which was
being announced by separate press release.
Adelphia Communications Corporation is the sixth largest cable television
company in the United States, with headquarters in Coudersport, Pennsylvania.
Certain statements in this press release are forward-looking statements that are
subject to material risks and uncertainties. Investors are cautioned that any
such forward-looking statements are not guarantees of future performance or
results and involve risks and uncertainties, and that actual results or
developments may differ materially from those in the forward- looking statements
as a result of various factors which are discussed in the Company's filings with
the Securities and Exchange Commission. Additional information regarding factors
that may affect the business and financial results of Adelphia can be found in
the Company's most recent Quarterly Report on Form 10-Q filed with the
Securities Exchange Commission and the Company's Form 10-K for the year ended
December 31, 1999, as well as in the prospectus and most recent prospectus
supplement filed under Registration Statement No. 333-78027, under the section
entitled "Risk Factors" contained therein. The Company does not undertake to
update any forward-looking statements in this press release or with respect to
matters describer herein.
