Chicago, Nov. 7 – Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. priced a $2 billion dual-tranche senior secured notes offering (Ba1/BBB-) on Tuesday, according to a press release and earlier information from a 424B2 filing with the Securities and Exchange Commission.
The company priced $1.1 billion of 6.15% notes due 2026 at 99.911.
For the second tranche, the deal included $900 million of 6.65% notes due 2034, issued at 99.878.
Prior to the applicable par call date, each of the notes will be redeemable with a make-whole premium.
BofA Securities, Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes, including to repay certain debt and to fund potential buybacks of class A common stock of Charter Communications Inc. and common units of Charter Communications Holdings, LLC.
Charter is a Stamford, Conn.-based broadband communications company and cable operator.
| Issuer: | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.
|
| Amount: | $2 billion
|
| Issue: | Senior secured notes
|
| Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Kirkland & Ellis LLP
|
| Counsel to underwriters: | Cahill Gordon & Reindel LLP
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 10
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
|
|
| Notes due 2026
|
| Amount: | $1.1 billion
|
| Maturity: | 2026
|
| Coupon: | 6.15%
|
| Price: | 99.911
|
| Call features: | Make-whole call then par call option
|
|
|
| Notes due 2034
|
| Amount: | $900 million
|
| Maturity: | 2034
|
| Coupon: | 6.65%
|
| Price: | 99.878
|
| Call features: | Make-whole call then par call option
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
