Adelphia Stock Sale Garners $1.49 Billion

Adelphia Communications Corp., the second-most indebted independent cable-television operator, said it raised $1.49 billion by selling securities as part of a plan to reduce debt.

Adelphia said it sold 40 million Class A common shares at $25.50 each and $500 million in 71/2% convertible preferred stock.

The sale may indicate the Rigas family, which controls Coudersport, Penn.-based Adelphia, is unlikely to sell the company for a premium because the stock was sold at about market prices, investors said. The shares rose 41% in November and December, partly on speculation Adelphia will be sold, say investors including Federated Investors analyst Adrian Davies.

Adelphia shares were down 44 cents at $26.81 on Nasdaq.