Adelphia Bond Offering Hits $1B

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Adelphia Communications Corp. more than doubled the size of a planned $400
million bond offering to $1 billion based on increased demands for its debt.

Adelphia sold $1 billion of 10.25 percent senior notes due 2011 Thursday,
just one day after saying it would try to raise about $400 million in a similar
bond offering.

Proceeds of the offering will be used to pay down debt and for general
corporate purposes, the company said in a prepared statement.

Banc of America Securities LLC and Salomon Smith Barney Inc. will serve as
joint book-running managers for the offering. Adelphia said in the statement
that it expects the bond offering to close by June 12.

UBS Warburg LLC high-yield cable analyst Aryeh Bourkoff said demand for the
bonds was high based on their attractive pricing and improved prospects at
Adelphia, which expects consolidated cash-flow growth in the 18 percent range
for the year 2001.

'Adelphia priced its high-yield deal wider than where existing bonds were
trading,' Bourkoff said. 'The deal was priced very
attractively.'

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