Adelphia Communications Corp.'s various bank facilities have all inched up to the high 90s as lenders predict an acquisition of the company would take the debt out at par. A buysider said the Parnassos, TCI, Century, Hilton Head and other Adelphia credits have been strengthening. A sellside trader said the fluctuations on the name occur as speculation emerges about who a possible buyer could be.
The Century Cable loan, which is one of the facilities that has a co-borrowing relationship with the Rigas family, was quoted at 96 1/2-97 1/4 by Mark-It Partners/LoanX. The other co-borrowing facilities are the Olympus bank claims and UCA bank claims. The March 2002 disclosure stated that Adelphia was jointly and severally liable for more than $2 billion of borrowings under these co-borrowing facilities.
Parnassos bank claims and the Century-TCI bank claims are among facilities without co-borrowing arrangements attached. The company has approximately $6.817 billion in total bank debt claims.
"We've had quite a bit of interest from potential bidders," an Adelphia spokeswoman said, declining to provide further details. Adelphia could be sold as a whole or in seven different parts. Preliminary expressions of interest are due by the end of the month while final bids are due in December, the spokeswoman added.