Charter exchanges further 8¼% notes, buys back more 4¾% convertibles

New York, Aug. 2 - Charter Communications, Inc. said it has continued to exchange its 8¼% senior notes due 2007 for longer maturity debt and has repurchased more 4¾% convertible senior notes due 2006.

In the latest exchange, carried out in June, Charter Operating issued $62 million of 8 3/8% senior second-lien notes due 2014 in exchange for $62 million of Charter Communications Holdings, LLC 8¼% senior notes due 2007.

In total during March and June, Charter Operating has now issued $333 million of new notes in exchange for $346 million of Charter Holdings' 8¼% notes.

All the exchanges were made with "a small number" of institutional holders, Charter said.

During the second quarter, Charter bought back $97 million principal amount of its 4¾% convertibles, leaving $25 million principal amount outstanding. The repurchases were made with "a small number" of institutional holders in private transactions, the St. Louis-based cable company said.

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