Adelphia raises $1.5 billion
By BroadCasting & Cable Staff -- Broadcasting & Cable, 1/17/2002 8:45:00 AM
Despite the huge drop in its stock price over the past year, debt-laden MSO Adelphia Communications Corp. sold $1.5 billion worth of shares: 40 million common shares at $25.50 each, 50 percent less than the price one year ago and 6 percent below Monday's closing price.
The company sold another $500 million worth of convertible preferred stock.
Including another equity sale this past fall, Adelphia has raised $2.5 billion in recent months.
The company is burdened with problems at its Adelphia Business Solutions telephone unit. Adelphia spun the unit off to shareholders Monday, but it has guaranteed $500 million of the ailing unit's debt.
Adelphia's controlling shareholder, the Rigas family, has typically been loath to sell equity, particularly in a down market.
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