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Prospect News home > News index > List of issuers C > Headlines for Charter Communications, Inc. > News item |
Fitch rates Charter loan BB+, notes BB-
Fitch Ratings said it has assigned a BB+ senior secured rating to Charter Communications Operating, LLC's proposed $1.2 billion seven-year term loan F.
In addition, Fitch said it has assigned a BB- rating to CCO Holdings, LLC's $1 billion issuance of senior unsecured notes due 2024.
Proceeds from the term loan, along with a draw from CCO's revolver are expected to be used for general corporate purposes, including repayment of a portion of CCO's existing bank debt, the agency noted.
Fitch said that the issuance is in line with Charter's strategy to simplify its debt structure and extend its maturity profile while reducing leverage to its target range of 4x to 4.5x.
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