Exhibit 99.01
PRESS RELEASE
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 Announces $1.3 Billion Bank Facility
Coudersport, PA - January 3, 2001
Timothy Rigas, Chief Financial Officer of Adelphia Communications Corporation
("Adelphia") (NASDAQ:ADLAC), announced that the Company has closed a new $1.3
Billion subsidiary short term credit facility led by Bank of America and
Citibank/Salomon Smith Barney. Approximately $360 million of the facility were
used to permanently repay another subsidiary credit facility. The remaining
proceeds of the loan will be available for general corporate purposes including
the repayment of revolving debt which may be re-borrowed. In addition to lead
arranging this credit facility, Bank of America Securities LLC and Salomon Smith
Barney have been engaged by the Company to manage certain of the Company's
previously announced disposition activities as well as to advise the Company on
related capital funding matters.
Adelphia Communications Corporation, with headquarters in Coudersport,
Pennsylvania, is the sixth largest cable television company in the country.
The statements in this press release that are not historical facts 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. These risks
and uncertainties include, but are not limited to, uncertainties relating to
economic conditions, acquisitions and divestitures, the availability and cost of
capital, government and regulatory policies, the pricing and availability of
equipment, materials, inventories and programming, product acceptance, the
Company's ability to construct, expand and upgrade its cable systems, fiber
optic networks and related facilities, reliance on vendors, technological
developments and changes in the competitive environment in which the Company
operates. 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, as amended, filed with the Securities Exchange
Commission and the Company's Form 10-K for the year ended December 31, 1999, as
amended, 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
described herein.
