OCOM Corp, New York has agreed to restructure its previously announced transaction with International CableTel Inc and Insight Communications Co UK LP so that it becomes a wholly-owned unit of International CableTel and each share of OCOM common will be exchanged for CableTel common stock on a one-for-one basis. As a result, International CableTel will own 100% of the Insight interests in UK cable and telephone properties which pass over 905,000 households. Insight UK will toss in its UK cable and telephone properties in exchange for about 4.4m International CableTel shares, and CableTel filed a registration statement for concurrent public offerings of 10m shares of common and $100m gross proceeds of senior deferred coupon notes due 2003 to raise new cash to finance the UK properties it will own following its transaction with Insight UK. Donaldson, Lufkin & Jenrette Securities Corp and Salomon Brothers Inc will co-manage the offerings.
