UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
MAY 29, 2002 (MAY 22, 2002)
------------------------------------------------
Date of Report (Date of earliest event reported)
CABLETEL COMMUNICATIONS CORP.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
ONTARIO, CANADA
-----------------------------------------------
(Jurisdiction of incorporation or organization)
1-13332 8647 8525
- ------------------------ ------------------------
(Commission File Number) (Canadian Federal
Tax Account Number)
230 TRAVAIL RD., MARKHAM, ONTARIO, CANADA L3S 3J1
-------------------------------------------------
(Address of principal executive offices)
(905) 475-1030
----------------------------------------------------
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
On May 22, 2002, Cabletel Communications Corp. ("Cabletel") announced
that, concurrent with its previously reported establishment of a new CDN$15
million revolving credit facility with LaSalle Business Credit, Cabletel also
renegotiated credit terms with a major supplier that included the conversion of
US$2.2 million in outstanding payables owed by Cabletel into a senior
subordinated promissory note.
The senior subordinated promissory note is in the principal amount of
US$2.2 million. The note bears interest at the rate of 12% per annum and is
repayable in agreed upon monthly installments of between US$60,000 and
US$120,000 over the next two years. In connection with the renegotiation,
Cabletel also issued to the supplier a warrant to acquire up to 200,000 shares
of Cabletel's common stock at an exercise price of CDN$1.64 per share.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
99.1 Press release dated May 22, 2002.
99.2 Debt Restructuring Agreement
99.3 Senior Subordinated Unsecured Note
99.4 Common Stock Purchase Warrant
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CABLETEL COMMUNICATIONS CORP.
-----------------------------
(Registrant)
Date: May 29, 2002 By: /s/ Ron Eilath
------------------------------------
Ron Eilath
Executive Vice President and
Chief Financial Officer
3