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Charter to launch $6.8 billion credit facility Friday
By Sara Rosenberg
New York, April 3 - Charter Communications Inc. is scheduled to hold a bank meeting on Friday to launch its proposed $6.8 billion credit facility, according to market sources.
J.P. Morgan Securities Inc., Banc of America Securities LLC and Citigroup Global Markets Inc. are the lead banks on the deal.
The facility consists of a $300 million revolver/term tranche, a $5 billion term loan due 2013 talked at Libor plus 275 basis points and an amended $1.5 billion revolver, a company news release said.
Proceeds will be used to refinance the existing senior secured credit facility held by Charter Communications Operating LLC.
Charter is a St. Louis-based broadband communications company.
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