Centennial Communications Announces $170mm Agreement To Buy Puerto Rican Company

New York, NY

Waller Capital announced today the signing of a letter of intent for the sale of the Puerto Rican cable television system owned by Pegasus Communications, Inc. to Centennial Communications Corporation for $170,000,000. The Pegasus system being sold passes approximately 170,000 homes and serves approximately 55,500 customers on the western portion of Puerto Rico primarily in and around the cities of Mayaguez, San German and Aguadilla.

Pegasus is the largest independent provider of DirectTV services in the United States with 724,000 subscribers as of November 30, 1999. In addition, the company owns ten television stations affiliated with either Fox, UPN or the WB. Centennial Communications is a wireless communications company with operations in the United States and Puerto Rico. This acquisition will mark the company’s first purchase of a cable system. Waller Capital Corporation is representing Pegasus Communications, Inc.

For more information contact:
Garrett M. Baker
Vice President
Waller Capital Corporation
(212) 632-3600