Charter gets approval to amend loan, permitting creation of intermediate holding companies

By Sara Rosenberg

New York, June 18 - Charter Communications Inc. received lender approval to amend the Charter Communications Operating, LLC $5.2 billion senior secured credit facilities agreement, permitting the creation of intermediate holding companies in Charter's corporate structure between Charter Communications Holdings, LLC, and Charter Communications Operating, LLC.

In connection with the amendment, the St. Louis cable company is contributing the equity of certain subsidiaries to Charter Communications Operating, LLC.

The creation of the holding companies was prompted by the previously announced commitment from Vulcan Inc. for a backup credit facility of up to $300 million that provides additional capacity to ensure compliance with financial covenants under existing credit facilities, according to a news release.

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