Charter Communications driving by with $1.25 billion 12.5-year notes, initial talk 4 3/8% area

By Paul A. Harris

Portland, Ore., Aug. 2 – Charter Communications plans to price a $1.25 billion offering of 12.5-year senior notes (B1/BB) in a Monday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the 4 3/8% area.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver.

The Rule 144A and Regulation S for life notes become callable after 6.5 years at par plus 50% of the coupon.

The Stamford, Conn.-based telecom plans to use the proceeds for general corporate purposes including debt repayment and potential buybacks of class A common stock of Charter and common units of Charter Holdings.

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