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Charter Communications subsidiaries begin exchange offer for up to $500 million 10¼% notes
By Angela McDaniels
Tacoma, Wash., May 29 - Charter Communications, Inc. said its indirect subsidiaries, CCH II, LLC and CCH II Capital Corp. (together, "CCH II"), are beginning a private offer to exchange up to $500 million of their 10¼% senior notes due 2010 for new 10¼% senior notes due 2013.
The purpose of the offer is to improve Charter's financial flexibility by extending debt maturities, according to a company news release.
The offer is being conducted as a modified Dutch auction. Holders must submit tenders in the range of $1,047.50 to $1,077.50 principal amount of new notes per $1,000 principal amount of old notes.
The payout will include an early participation payment of $30.00 principal amount of new notes for each $1,000 principal amount of old notes tendered by 5 p.m. ET on June 11.
The offer will expire at 11:59 p.m. ET on June 27.
The new notes will be guaranteed by Charter Communications Holdings, LLC and will accrue interest from the settlement date. Holders who exchange old notes for new notes will receive accrued interest to but excluding the settlement date.
The new notes are being issued as part of the same series of notes as CCH II's $250 million principal amount of 10¼% senior notes due 2013 issued in September 2006.
The new notes will initially be subject to some restrictions on transfer, are expected to be issued with an original issue discount and will have a separate CUSIP number from the existing CCH II 2013 notes, the release noted.
The company said the offer is being made only to qualified institutional buyers and to certain non-U.S. investors located outside the United States.
Global Bondholder Service Corp. (866 470-3700 or 212 430-3774) is the information agent for the offer.
Charter is a broadband communications company based in St. Louis.
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