Adelphia Communications Corporation is looking for banks to finance $3 billion in loans before the end of the third quarter. According to Telecom Financing Week, a sister publication, Karen Chrosniak, director of investor relations, declined to specify what the capital will be used for, but added that Adelphia, the nation's sixth-largest cable operator, is currently in discussions with a number of top firms about arranging the facility. "We're talking to the banks, but nothing has been decided," Chrosniak said. Analysts who follow the company say Adelphia may look to make further acquisitions with the capital.
Adelphia's loans have traditionally carried pricing around LIBOR plus 23Ž 4%, according to analysts who follow the company. Bank of America is the lead arranger of the company's $1.3 billion credit facility, syndicated in January. It also served as joint book runner along with Salomon Smith Barney on Adelphia's $500 million offering of convertible subordinated notes. Officials at Bank of America and Salomon did not return calls by press time.