<ARTICLE> 5 <MULTIPLIER> 1,000 <CURRENCY> US DOLLAR <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <EXCHANGE-RATE> 1 <CASH> 36,705 <SECURITIES> 0 <RECEIVABLES> 89,079 <ALLOWANCES> 2,746 <INVENTORY> 0 <CURRENT-ASSETS> 173,217 <PP&E> 152,554 <DEPRECIATION> 4,161 <TOTAL-ASSETS> 1,709,931 <CURRENT-LIABILITIES> 163,644 <BONDS> 400,000 <PREFERRED-MANDATORY> 200,000 <PREFERRED> 11 <COMMON> 349 <OTHER-SE> 236,956 <TOTAL-LIABILITY-AND-EQUITY> 1,709,931 <SALES> 0 <TOTAL-REVENUES> 108,224 <CGS> 0 <TOTAL-COSTS> 96,009 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 27,065 <INCOME-PRETAX> (15,514) <INCOME-TAX> (7,900) <INCOME-CONTINUING> (7,614) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (7,614) <EPS-PRIMARY> (0.22) <EPS-DILUTED> 0