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Charter tenders, seeks consents for $900 million 7 7/8% notes due 2018
By Susanna Moon
Chicago, April 19 - Charter Communications, Inc. began a tender offer and consent solicitation for its $900 million outstanding 7 7/8% senior notes due 2018 through subsidiaries CCO Holdings, LLC and CCO Holdings Capital Corp.
Charter is seeking consents to eliminate substantially all of the restrictive covenants and events of default and eliminate or modify related provisions contained in the note indenture, according to a company press release.
The total purchase price will be $1,063.25 for each $1,000 principal amount of notes tendered by 5 p.m. ET on May 2, the consent date. The total amount includes a $30 consent payment per $1,000 of notes.
Those who tender after the consent date will receive $1,033.25 per $1,000 of notes.
Holders also will receive accrued interest up to the payment date.
The tender offer will end at 11:59 p.m. ET on May 16.
Tendered notes may be withdrawn by the early deadline.
Holders may not tender their notes without consenting to the proposed amendments or withdraw their consents without withdrawing the related notes.
Settlement for tendered notes will occur promptly after the respective early deadline and offer expiration.
The completion of the offer is conditioned on obtaining financing.
BofA Merrill Lynch (attn.: debt advisory services, 888 292-0070 or collect 646 855-3401), Barclays (attn.: liability management group, 800 438-3242 or collect 212 528-7581) and Citigroup Global Markets Inc. (attn.: liability management group, 800 558-3745 or collect 212 723-6106) are the dealer managers. Global Bondholder Services Corp. (866 389-1500 or collect 646 855-3401) is the information agent.
The issuer is a communications company based in Stamford, Conn.
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