Published on 1/11/2012 in the Prospect News High Yield Daily.
New Issue: Charter prices $750 million 6 5/8% 10-year notes to yield 6.694%
By Paul A. Harris
Portland, Ore., Jan. 11 - Charter Communications, Inc. priced $750 million of 6 5/8% 10-year senior notes (B1/BB-/) at 99.5 to yield 6.694% on Thursday, according to an informed source.
The yield came in line with the 6 5/8% to 6¾% yield talk.
Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC and J.P. Morgan Securities LLC were the joint bookrunners for the quick-to-market issue.
The notes were issued via CCO Holdings, LLC and CCO Holdings Capital Corp.
The St. Louis-based cable operator and broadband communications company plans to use the proceeds to tender for the CCO 8% notes due 2012 and 10 7/8% notes due 2014 and the CCH II 13½% notes due 2016.
| Issuer: | CCO Holdings, LLC and CCO Holdings Capital Corp.
|
| Face amount: | $750 million
|
| Proceeds: | $746.25 million
|
| Maturity: | Jan. 31, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC, J.P. Morgan Securities LLC
|
| Co-managers: | U.S. Bancorp Investments, Inc., RBC Capital Markets, LLC, Barclays Capital Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Morgan Joseph TriArtisan LLC, SunTrust Robinson Humphrey, Inc., Credit Agricole Securities (USA) Inc.
|
| Coupon: | 6 5/8%
|
| Price: | 99.5
|
| Yield: | 6.694%
|
| Call features: | Make-whole call until Jan. 31, 2017, then callable at 103.313, 102.208, 101.104, par on and after Jan. 31, 2020
|
| Equity clawback: | 35% at 106.625 until Jan. 31, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 11
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| Settlement date: | Jan. 26
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 6 5/8% to 6¾%
|
| Marketing: | Quick to market
|
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