| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2008 > News item |
Charter gets tenders for $160 million notes in tender offer for five series of notes
By Angela McDaniels
Tacoma, Wash., Nov. 3 - Charter Communications, Inc. said Charter Communications Holding Co., LLC received tenders for $160 million of Charter Communications Holdings, LLC's senior notes during a tender offer that expired Oct. 29.
The company planned to spend up to $100 million on the offer, including accrued interest. It accepted 100% of the $70 million notes tendered with an acceptance priority level of 1 and 36% of the $90 million notes tendered with an acceptance priority level of 2.
Specifically, the company accepted all of the $49.68 million 10¾% senior notes due 2009, $7.44 million 10¼% senior notes due 2010 and $12.83 million 11¾% senior discount notes due 2010 that were tendered.
Of the $63.37 million 10% senior notes due 2009 tendered, $22.74 million were accepted, and the company accepted $9.44 million of the $26.3 million 9 5/8% senior notes due 2009 tendered.
For each $1,000 principal amount, the payout was $975 for the 10¾% notes, $970 for the 10¼% notes and 11¾% discount notes, $950 for the 10% notes and $940 for the 9 5/8% notes.
The payouts include an early tender premium of $15 for notes tendered by the early deadline, which was Oct. 14 for the priority level 1 notes and Oct. 29 for priority level 2 notes.
The company also paid accrued interest up to but excluding the settlement date, which was Oct. 17 for priority level 1 notes tendered by Oct. 14 and Oct. 31 for the remaining notes.
On Oct. 15, the payment for notes with an acceptance priority level of 2 was lowered. Originally, holders were slated to receive $980 for the 10% notes and $970 for the 9 5/8% notes.
The company said the purpose of the tender offer was to reduce Charter's consolidated interest expense.
Citi (212 723-6106 or 800 558-3745) was the dealer manager for the tender offer, and Global Bondholder Services Corp. (212 430-3774 or 866 294-2200) was the information agent and depositary.
Charter is a broadband communications company based in St. Louis.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.