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Charter driving by with $1 billion 12-year notes; guidance 4¾%-4 7/8%
By Paul A. Harris
Portland, Ore., April 19 – Charter Communications, Inc. plans to price $1 billion of 12-year senior unsecured notes (B1/BB/BB+) in a Monday drive-by, according to market sources.
Initial guidance is 4¾% to 4 7/8%, a trader said.
Deutsche Bank Securities Inc. is the lead.
The notes come with six years of call protection.
The issue is coming via subsidiaries CCO Holdings, LLC and CCO Holdings Capital Corp.
The Stamford, Conn.-based cable TV and internet broadband provider plans to use the proceeds for general corporate purposes, including potential buybacks of Charter class A common stock or common units of Charter Communications Holdings, LLC, and to repay certain debt.
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