<PAGE>
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): March 14, 1997
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INTERMEDIA COMMUNICATIONS INC.
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(Exact name of registrant as specified in its charter)
Delaware 59-2913586
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(State or other jurisdic- (I.R.S. Employer
tion of incorporation or Identification No.)
organization)
0-20135
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(Commission File Number)
3625 Queen Palm Drive, Tampa, Florida 33619-1309
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (813) 829-0011
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Item 5. Other Events
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On March 14, 1997, Intermedia Communications Inc. (the "Company") announced
that it completed its previously announced private placement of $300 million
gross proceeds of the Company's 13/-1/2% Series A Redeemable Exchangeable
Preferred Stock due 2009 (the "Series A Preferred Stock"). The Series A
Preferred Stock has a mandatory redemption at March 31, 2009, and is not
convertible into common stock. Dividends on the Series A Preferred Stock will
accumulate at the rate of 13-1/2% per annum of the liquidation preference
thereof and will be payable through March 31, 2002, at the Company's option, in
additional shares of Series A Preferred Stock or cash. The proceeds will be
used for the Company's recently announced strategic initiatives. These
initiatives provide for the accelerated expansion of the Company's addressable
market, to be achieved in part by increasing the number of local/long distance
voice and data switches in its network.
Item 7. Financial Statements and Exhibits
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Exhibit 20 Press Release, dated March 14, 1997.
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SIGNATURE
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: March 18, 1997
INTERMEDIA COMMUNICATIONS INC.
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(Registrant)
By: /s/ David C. Ruberg
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Name: David C. Ruberg
Title: Chairman of the Board, President
and Chief Executive Officer
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EXHIBIT INDEX
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Exhibit Page
No. Description No.
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20 Press Release, dated March 14, 1997. 5
4
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EXHIBIT 20
5
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APPROVED FOR PUBLICATION CB DATE: 3/14/97 12:20 PM
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RELEASE: Immediately
CONTACT: Barbara Samson
INTERMEDIA COMMUNICATIONS
813/829-2402
Chris Brown
INTERMEDIA COMMUNICATIONS
813/829-2408
Stephen J. Kasser
PUBLIC COMMUNICATIONS INC.
813/226-2772
INTERMEDIA COMMUNICATIONS COMPLETES PRIVATE PLACEMENT OF
$300 MILLION IN REDEEMABLE EXCHANGEABLE PREFERRED STOCK
Tampa, Fla. -- (March 14, 1997) -- Intermedia Communications, a rapidly
growing provider of integrated telecommunications services to business and
government customers, today announced that it has completed its previously
announced private placement of $300 million of 13-1/2% Series A Redeemable
Exchangeable Preferred Stock.
The preferred Stock has a mandatory redemption at March 31, 2009, and is
not convertible into common stock. Dividends for the Preferred Stock will
accumulate at the rate of 13-1/2% from the date of issuance, and are payable, at
Intermedia's option, in additional shares of the Preferred Stock or cash, for
the first five years.
The proceeds will be used for the company's recently announced strategic
initiatives. These initiatives provide for the accelerated expansion of
Intermedia's addressable market, to be achieved in part by increasing the number
of local/long distance voice and data switches in its network.
"Without stretching our service territory borders, we are expanding our
business plan to include more markets within the Eastern U.S., and to reach them
sooner," said David C. Ruberg, Intermedia's chairman, president and chief
executive officer.
"Without materially altering our plan to reach positive EBITDA (earnings
before interest, taxes, depreciation and amortization) our new plan, fueled in
part by this financing, provides access to a market nearly three times as large
as before. To address this new opportunity, we've selected the Preferred Stock
security specifically because it does not dilute the position of our current
holders of common stock."
Intermedia Communications is a rapidly growing provider of integrated
telecommunications solutions for business and government end users. Intermedia
provides integrated, "no assembly required" telecommunications solutions,
including voice, data and video services; local and long-distance services; and
advanced access services in cities throughout the Eastern United States. Its
enhanced data services, including Internet access, offer seamless, end-to-end
connectivity to over 1200 cities nationwide, and internationally to virtually
anywhere in the world.
This press release contains forward-looking statements with respect to the
market to be served by Intermedia and its plan to reach positive EBITDA. With
respect to each of these there can be no assurance as to timing or attainment,
which will be subject to numerous risks, including among these, successful
management and staffing of the expansion, the ability to compete effectively
against much larger service providers and a constantly changing regulatory
environment.
Intermedia is headquartered in Tampa, Florida and is traded on the NASDAQ
national market under the symbol ICIX. Intermedia can be found on the World Wide
Web at http://www.icix.net.
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