Charter talks $1.5 billion long 10-year notes with yield in 4¼% area; pricing Monday

By Abigail W. Adams

Portland, Me., July 6 – Charter Communications Operating LLC plans to price $1.5 billion of long 10-year senior notes in a Monday drive-by with price talk for a yield in the 4¼% area, according to a market source.

Early whispers had the notes coming in the 4 3/8% area, a market source said.

Books closed at 2 p.m. ET.

Morgan Stanley & Co. LLC is the lead left bookrunner for the Rule 144A and Regulation S with registration rights offering.

The notes are non-callable for five years with first call at par plus 50% of the coupon.

Proceeds will be used for general corporate purposes, including the repayment of debt and to fund the potential buyback of class A common stock or common units.

Charter is a Stamford, Conn.-based broadband connectivity company and cable operator.

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