Charter Communications launches $1B high yield bond offering to ...

Charter Communications Holdings has launched a $1 billion offering of 10-year (non-call five) unsecured notes today via joint bookrunners Citi, Bank of America Merrill Lynch, Credit Suisse, J.P. Morgan, UBS, Deutsche Bank, Barclays, and Morgan Stanley, according to sources.

A call is scheduled for today at 10:30 a.m. EDT, with pricing to take place thereafter. Issue ratings are guided at BB/B1, according to the banks.

Proceeds will be used for general corporate purposes, including repaying amounts outstanding under the Charter Operating credit facility, and to fund the redemption of the company?s 13.5% notes due 2016 on or before Nov. 30. There is roughly $1.15 billion outstanding under the 2016 notes, according to the prospectus.

With seven other bonds outstanding at Charter Communications Holdings, and a credit facility at Charter Communications Operating, the company has roughly $12.8 billion of total consolidated debt outstanding.

In April, Charter Communications Operating borrowed a $750 million TLD, which pays L+300 with a 1% LIBOR floor and matures in 2019. The arranger group ? comprising Bank of America Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, and UBS ? also lined up a $1.1 billion, five-year revolver. Proceeds were used to refinance the cable operator?s $78 million TLB-1 and roughly $10 million of its TLB-2, both maturing in 2014, and to pay down a portion of the existing $3 billion TLC due 2016 (paying L+325), sources said at the time.

Charter is a broadband communications company, and the fourth-largest cable operator in the U.S. It is rated BB/Ba3. ? Sohko Fujimoto/Matt Fuller

Source: http://www.leveragedloan.com/charter-communications-launches-1b-high-yield-bond-offering-to-repay-debt/

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