By Paul A. Harris
St. Louis, Jan. 26 - CCH II LLC, a subsidiary of Charter Communications Inc., priced an upsized and restructured $450 million add-on to its 10¼% senior notes due Sept. 15, 2010 (Caa1/CCC-) at 97.75 on Thursday, resulting in a 10 7/8% yield.
The yield came in the middle of the 10¾% to 11% price talk.
JP Morgan, Credit Suisse and Deutsche Bank Securities were joint bookrunners for the add-on, which was issued via Rule 144A with registration rights and via Regulation S.
Proceeds will be used to repay debt under the company's revolving credit facility.
The total amount of notes was upsized from $400 million. A proposed tranche of seven-year notes was dropped.
The total size of the issue of 10¼% notes due Sept. 15, 2010 following Thursday's add-on is $2.05 billion.
Charter Communications is a St. Louis cable television and high-speed internet services provider.
| Issuer: | CCH II LLC (Charter Communications Inc.)
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| Amount: | $450 million (increased from $400 million)
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| Maturity: | Sept. 15, 2010
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| Security description: | Add-on to 10¼% senior notes
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| Bookrunners: | JP Morgan, Credit Suisse, Deutsche Bank
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| Coupon: | 10¼%
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| Price: | 97.75
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| Yield: | 10 7/8%
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| Spread: | 641 basis points
|
| Trade date: | Jan. 26
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| Settlement date: | Jan. 30 with accrued interest
|
| Ratings: | Moody's: Caa1
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| Standard & Poor's: CCC-
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| Distribution: | Rule 144A with registration rights/Regulation S
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| Price talk: | 10¾%-11%
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| Total issue size: | $2.05 billion
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