CCI wraps $50 mil sale of stock to Boston Ventures

Continental Cablevision Inc. completed the sale of $ 50 million of common stock to Boston Ventures, concluding the company’s multistage recapitalization program.

The company said during the year it has arranged a new senior credit facility of $ 500 million, issued $ 400 million in subordinated debt and raised $ 555 million in new equity by issuing an aggregate of 1,612,000 shares of convertible preferred and common stock.

Continental said the recapitalization reduced the company’s debt, extended maturities and provided for long-term liquidity and certain financial obligations including a required tender offer.

The company said it has now fulfilled its 1993 stock redemption obligation and has reduced its 1998 stock redemption obligation, its final obligation to repurchase common shares, from about 1.2 million to 751,000 shares.

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