Charter plans to redeem up to $550 million floaters, $187 million 8 5/8% notes

By Jennifer Chiou

New York, Feb. 9 - Charter Communications, Inc. announced it expects to redeem up to $550 million of floating-rate notes due 2010 issued by CCO Holdings, LLC and up to $187 million of 8 5/8% senior notes due 2009 issued by Charter Communications Holdings, LLC.

The company said it intends to fund the redemptions from a refinancing and expansion of its existing $6.85 billion senior secured credit facilities of its subsidiary, Charter Communications Operating, LLC.

Charter noted that the proposed transaction includes $8.05 billion of new senior secured credit facilities, consisting of a $1.5 billion revolving credit facility, a $1 billion new term facility, a $5 billion refinancing term loan and a $550 million second lien term loan.

The St. Louis-based broadband communications company said remaining proceeds will go towards general corporate purposes.

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