Charter to repay bank debt with part of $765 million asset sale proceeds

By Sara Rosenberg

New York, Sept. 3 - Charter Communications Inc. plans to use proceeds from the sale of various cable television systems to Atlantic Broadband, LLC for approximately $765 million in cash to repay bank debt and fund future capital expenditures.

The assets being sold serve approximately 235,000 customers in Florida, Pennsylvania, Maryland, Delaware, New York and West Virginia.

The transaction is subject to certain closing conditions, potential price adjustments and local regulatory review. Closing is expected in the first half of 2004, according to a news release.

Charter is a St. Louis cable company.

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