Charter talks $300 million tap of 5½% notes due 2026 at 100-100.25; pricing Thursday

By Paul A. Harris

Portland, Ore., April 14 – Charter Communications, Inc. is talking a $300 million add-on to its 5½% senior notes due May 1, 2026 (existing ratings B1/BB-/BB-) at 100 to 100.25, according to market sources.

The add-on is expected to price on Thursday following a late-morning conference call with investors.

BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.

The notes feature a make-whole call at Treasuries plus 50 bps until May 1, 2021, then become callable at a 102.75.

The Stamford, Conn.-based cable operator and broadband communications services provider plans to use the proceeds to refinance debt.

The notes were priced at par in a $1.2 billion issue on April 7. The add-on notes will become fungible with the original notes.

As with the original issue, the issuing entities are CCO Holdings, LLC and CCO Holdings Capital Corp.

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