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Prospect News home > News index > List of issuers C > Headlines for Charter Communications, Inc. > News item
Published on 1/14/2019 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Charter offers two-part fixed-rate notes offering, including add-on

By Devika Patel

Knoxville, Tenn., Jan. 14 – Charter Communications, Inc. subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. intend to price a two-part dollar-denominated offering of senior secured notes, according to a 424B2 filed with the Securities and Exchange Commission.

The deal includes two tranches of fixed-rate notes, including an add-on to its 5.75% senior secured notes (Ba1/BBB-/BBB-) due April 1, 2048 and a second tranche of new fixed-rate notes.

The add-on is to a $1.7 billion offering that priced at 99.846 to yield 5.471% with a spread of 245 basis points over Treasuries on April 3, 2018. These notes settled on April 17.

The add-on notes have a make-whole call at Treasuries plus 45 bps until Oct. 1, 2047, then a par call. The new notes will have a make-whole call and then a par call.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, BofA Merrill Lynch, Goldman Sachs & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

The co-managers are MUFG, TD Securities (USA) LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., SunTrust Robinson Humphrey Inc., Credit Agricole CIB, U.S. Bancorp Investments Inc., LionTree, Academy Securities, MFR Securities, Inc., Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP.

Proceeds will be used for general corporate purposes, including potential buybacks of class A common stock or common units and debt repayment, including the repayment of Time Warner Cable’s 8.75% notes due Feb. 14, 2019.

Charter is a Stamford, Conn.-based broadband communications company.


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