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Charter wraps tenders for 63.31% of 7¼% notes, 75.45% of 8 1/8% notes
By Susanna Moon
Chicago, April 21 – Charter Communications, Inc. said investors tendered $633,066,000, or 63.31%, of its $1 billion 7¼% senior notes due 2017 and $528,154,000, or 75.45%, of its $700 million 8 1/8% senior notes due 2020.
The tender offers ended at 11:59 p.m. ET on April 20, with settlement expected to occur Tuesday. The offers began April 13.
Of the tendered amount, about $6.29 million principal amount remains subject to the guaranteed delivery procedures, according to a company press release.
Charter has called all of the notes that remain outstanding after the tender offer at a price per $1,000 principal amount of $1,036.25 for 2017 notes and $1,040.63 for 2020 notes.
The company also will pay accrued interest to but excluding the redemption date of May 21.
Charter said that on April 17 it issued a conditional notice of partial redemption to redeem $800 million of its $1.4 billion outstanding 7% senior notes due 2019 on May 18 at a redemption price of $1,035.00 for every $1,000 principal amount plus accrued interest to but excluding the redemption date.
More on tender offers
As previously announced, the purchase price per $1,000 principal amount is $1,040.50 for the 7¼% notes and $1,045.50 for the 8 1/8% notes.
The company also will pay accrued interest.
Funding for the offers will come from an issue of new notes, and the offers were conditioned on completion of the offering.
As previously reported, subsidiaries CCO Holdings, LLC and CCO Holdings Capital Corp. priced an upsized $1.9 billion amount of senior notes on April 13 with an April 21 settlement date.
Credit Suisse Securities (USA) LLC (liability management group, 800 820-1653 or 212 325-2476 collect) is the dealer manager. Global Bondholder Services Corp. (gbsc-usa.com/Charter, 212 430-3774, 866 924-2200 or fax 212 430-3775/3779) is the information agent.
Charter is a Stamford, Conn.-based broadband communications company and cable operator.
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