EXHIBIT INDEX
Exhibit Number Description
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99.1 Text of press release issued by Galaxy announcing its engagement of
Donaldson, Lufkin & Jenrette Securities Corporation to act as its
financial advisor.
October 31, 2000 - Galaxy Telecom, L.P. ("Galaxy") announced today that it
has engaged Donaldson, Lufkin & Jenrette Securities Corporation ("DLJ") to act
as its financial advisor. Under the terms of the engagement, DLJ will, among
other things, assist Galaxy in exploring various strategic alternatives,
including raising additional financing, which may involve refinancing Galaxy's
existing credit facility and soliciting consents to amend certain terms of
Galaxy's 12.375% Senior Subordinated Notes due 2005 to permit such a
refinancing. The additional financing may also be used to meet the Company's
interest payment under the Senior Subordinated Notes due October 1, 2000. The
Company, with the assistance of DLJ, continues to evaluate the sale of assets or
the Company as a whole.
Galaxy is in the business of acquiring, owning and operating primarily
classic cable television systems clustered in the Midwest and Southeastern
United States.
The information in this news release relating to matters that are not
historical facts constitutes forward-looking information covered by the safe
harbor created by Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Act of 1934. These forward-looking statements are based on a
number of assumptions and Galaxy's actual results and operations may be
materially different from those expressed or implied by such statements. No
assurance can be given that Galaxy will be successful in implementing any
strategic alternatives. For a description of factors that may cause Galaxy's
results to differ materially from those expressed or implied by such
forward-looking statements, please consult Galaxy's Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q on file with the Securities and Exchange
Commission.
