Charter Communications, Inc. (CHTR: Quote) said Wednesday that its subsidiaries, CCO Holdings, LLC and CCO Holdings Capital Corp., have priced a public offering of $1.25 billion in aggregate principal amount of senior unsecured notes due 2022.
The notes will bear an interest rate of 5.25% per annum and will be issued at a price of 99.026% of the aggregate principal amount.
The notes will result in net proceeds to the company of about $1.22 billion after deducting underwriting discounts and commissions.
The company expects to close the offering on August 22.
Charter plans to use the net proceeds from the sale of the notes for general corporate purposes, including repaying amounts outstanding under the Charter Communications Operating, LLC revolving credit facility, to pay fees and expenses related to the offering and to fund the redemption of the CCH II, LLC 13.5% senior notes due 2016 on or before November 30, 2012.
Separately, Charter said that selling shareholders, funds affiliated with Apollo have agreed to sell about 3.3 million shares and funds affiliated with Oaktree have agreed to sell about 1.7 million shares of Charter common stock in an underwritten offering. Charter will not sell any shares in the offering and will not receive any proceeds from the offering.
 | | To receive FREE breaking news email alerts for Charter Communications Inc and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News