Banks Loan Adelphia $8.8B

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Adelphia Communications Corp. will receive $8.8 billion in loans from a group of four major banks, Reuters reported.

J.P. Morgan Chase & Co., Citigroup, Credit Suisse First Boston LLC and Deutsche Bank will each contribute one-quarter of the "exit-financing" package to help the troubled MSO emerge from Chapter 11 bankruptcy protection, according to Reuters.

Each bank will underwrite $1.375 billion in senior secured credit facilities and another $825 million in bridge-loan facilities, Reuters said.