2 Min Read
NEW YORK, April 17 (Reuters) - Charter Communications has set a call for later this morning to launch a new $1.2 billion first-lien term loan to redeem the company's existing term C and D loans, sources told Thomson Reuters LPC.
The new term loan F is talked at LIB+225 with a 0.75 percent Libor floor and a 99.75 original issue discount. Commitments to the loan will be due April 25.
The Credit Suisse-led loan will mature January 2021 and will benefit from 101 soft call protection for six months.
The lender call will take place at 10 a.m. today.
Just last week, Charter completed a separate $1.5 billion term loan to back its acquisition of Bresnan Broadband Holdings LLC, also known as Optimum West, from Cablevision.
That seven-year loan was priced at LIB+225, with a 75bp Libor floor and a 99.5 issue price.
Current corporate family ratings are Ba3/BB-. Facility ratings are Baa3/BB+.
Charter Communications Inc is a Fortune 500 company and the fourth-largest cable operator in the United States.