Charter Communications to sell additional 4.8% notes due 2050

By Devika Patel

Knoxville, Tenn., Dec. 2 – Charter Communications, Inc. subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. will conduct an add-on offering of Charter’s 4.8% senior secured notes due March 1, 2050 (Ba1/BBB-/BBB-), according to a 424B2 filing with the Securities and Exchange Commission.

The original $1.5 billion of notes priced at 99.436 to yield 4.836% with a spread of Treasuries plus 260 basis points on Oct. 15 and settled on Oct. 24.

The notes have a make whole call at Treasuries plus 40 bps until Sept. 1, 2049 and are callable at par after that.

Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including potential buybacks of class A common stock or common units and debt repayment, including the repayment of Charter’s 3.579% senior secured notes due 2020.

Charter Communications also plans to price an add-on to the CCO Holdings, LLC and CCO Holdings Capital Corp. 4¾% senior notes due March 1, 2030 (expected ratings B1/BB/BB+) in a quick-to-market Monday trade of to-be-determined size, according to an informed source.

Citigroup Global Markets Inc. is leading the offering. Other syndicate names are expected to be announced.

The original $1.35 billion issue priced on Sept. 17, 2019.

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