ATLANTA, Jul 12, 2002 (BUSINESS WIRE) -- Cox Communications, Inc. (NYSE: COX) today announced that it recently closed a new $1.1 billion, 364-day revolving bank credit facility, which replaced an existing maturing facility.

This credit facility, in conjunction with an existing $900 million facility maturing in 2005, allows the company to maintain its strong liquidity position.

Cox said that its new $1.1 billion, 364-day revolving credit facility, which includes a two-year term-out option, was arranged through a syndicate of 23 financial institutions that provided $1.4 billion in commitments for the facility. The agents for the credit facility are JP Morgan Chase, Bank of America and Wachovia Bank.

The credit facility contains a maximum leverage covenant of five times and minimum interest coverage of two times. There are no ongoing representations specifically relating to a material adverse change in Cox's financial condition. The facility contains a ratings-based pricing grid, but has no ratings-based defaults or covenants. Both this 364-day credit facility and the 2005 facility are available to be used for general corporate purposes.

Although there are no amounts outstanding under either facility at this time, Cox may draw on the facilities from time to time. Also, the company has no outstanding commercial paper borrowings at this time.

"We are pleased and appreciative of this strong show of support from the banks," said Jimmy Hayes, Cox's executive vice president and chief financial officer. "This facility clearly positions the company with more than adequate capacity to meet its financing needs."

Cox Communications (NYSE: COX), a Fortune 500 company, is a multi-service broadband communications company serving approximately 6.3 million customers nationwide. Cox is the nation's fifth-largest cable television provider, and offers traditional analog video programming under the Cox Cable brand as well as advanced digital video programming under the Cox Digital Cable brand. Cox provides an array of other communications and entertainment services, including local and long distance telephone under the Cox Digital Telephone brand; high-speed Internet access under the brands Cox High Speed Internet and Cox Express; and commercial voice and data services via its affiliate Cox Business Services, LLC. Cox is an investor in programming networks including Discovery Channel. More information about Cox Communications can be accessed on the Internet at www.cox.com/espanol.

CONTACT: Cox Communications Investor Relations Lacey Lewis, 404/269-7608 or Media Relations Laura Oberhelman, 404/269-7562