By Cristal Cody
Tupelo, Miss., Aug. 9 – Charter Communications, Inc. subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. priced a $500 million reopening of their senior secured floating-rate notes due Feb. 1, 2024 at 101.479 on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Ba1/BBB-/BBB-) have a coupon of Libor plus 165 basis points.
Charter originally sold $400 million of the floating-rate notes on June 28 at par to yield Libor plus 165 bps. The total outstanding is now $900 million.
Morgan Stanley & Co. LLC was the bookrunner.
Proceeds will be used for general corporate purposes, including to fund potential buybacks of class A common stock or common units and to repay debt, such as a portion of the outstanding balance under Charter Communications Operating’s revolving credit facility.
Charter is a Stamford, Conn.-based broadband communications company.
| Issuers: | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.
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| Amount: | $500 million reopening
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| Description: | Senior secured floating-rate notes
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| Maturity: | Feb. 1, 2024
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| Bookrunner: | Morgan Stanley & Co. LLC
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| Coupon: | Libor plus 165 bps
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| Price: | 101.479
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| Call feature: | On or after Jan. 1, 2024 at par
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| Trade date: | Aug. 9
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| Settlement date: | Aug. 15
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Total outstanding: | $900 million, including $400 million of notes priced June 28 at par to yield Libor plus 165 bps
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