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Charter Communications Inc's Subsidiaries Closes on $1 Billion in Senior Unsecured Notes

Friday, 3 May 2013 11:42am EDT 

Charter Communications Inc announced that its subsidiaries, CCO Holdings, LLC and CCO Holdings Capital Corp., have closed on the public sale of $1 billion in aggregate principal amount of senior unsecured notes due in 2024 (the Notes). The Notes bear an interest rate of 5.750% per annum and were issued at par. The Notes resulted in proceeds of approximately $987 million after deducting underwriting discounts, commissions and other expenses. Charter intends to use the net proceeds from the sale of the Notes to repurchase or redeem CCO Holdings' outstanding 7.875% senior notes due 2018, to pay related fees and expenses and for general corporate purposes. Charter also announced its subsidiary, Charter Communications Operating, LLC, has entered into a Term Loan F pursuant to the terms of its Amended and Restated Credit Agreement providing for $1.2 billion of term loans with a final maturity date of January 3, 2021. Pricing on the new term loans was set at LIBOR plus 225 basis points with a LIBOR floor of 0.75% and 0.25% of original issue discount. The proceeds from Term Loan F will be used, together with other funds, to refinance $532 million principal amount of Term Loan C due 2016, and $743 million principal amount of Term Loan D due 2019. 

Company Quote

-1.2 -0.73%
11:12am EDT