Published on 4/14/2010 in the Prospect News High Yield Daily.
New Issue: Charter Holdings places $1.6 billion of eight-, 10-year senior notes
By Paul A. Harris
St. Louis, April 14 - CCO Holdings, LLC and CCO Holdings Capital Corp. priced $1.6 billion of senior notes (B2/B/) in two par-pricing tranches on Wednesday, according to an informed source.
The quick-to-market deal came with $900 million of 7 7/8% eight-year notes, which priced tight to the 8% area price talk, and $700 million 8 1/8% 10-year notes, which also priced tight to the 8¼% area price talk.
Credit Suisse, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and UBS Investment Bank were the joint bookrunners.
The St. Louis-based cable company will use the proceeds to finance its tender for CCO Holdings' 8¾% senior notes due 2013 and Charter Communications Operating, LLC's 8 3/8% senior second-lien notes due 2014.
Issuers: | CCO Holdings, LLC and CCO Holdings Capital Corp.
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Amount: | $1.6 billion
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Securities: | Senior notes
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Bookrunners: | Credit Suisse, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., UBS Investment Bank
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Trade date: | April 14
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Settlement date: | April 28
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S with registration rights
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|
Eight-year notes
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Amount: | $900 million
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Maturity: | April 30, 2018
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Coupon: | 7 7/8%
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Price: | Par
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Yield: | 7 7/8%
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Spread: | 437 bps
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First call: | April 30, 2013 at 105.906
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Price talk: | 8% area
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|
10-year notes
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Amount: | $700 million
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Maturity: | April 30, 2020
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Coupon: | 8 1/8%
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Price: | Par
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Yield: | 8 1/8%
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Spread: | 430 bps
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First call: | April 30, 2015 at 104.063
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Price talk: | 8¼%
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