Charter Communications shops $12.3 billion of credit facilities

By Sara Rosenberg

New York, Dec. 6 – Charter Communications Inc. launched without a call $12.3 billion of credit facilities, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

The facilities consist of a $3.5 billion revolver due March 2023 that is talked at Libor plus 150 basis points, a $2.5 billion term loan A due March 2023 that is talked at Libor plus 150 bps, and a $6.3 billion term loan B due April 2025 that is talked at Libor plus 200 bps with no Libor floor and an original issue discount of 99.75, the source said.

The term loan B has 101 soft call protection for six months.

Commitments are due on Dec. 13, the source added.

Proceeds will be used to refinance existing bank debt.

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

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