Charter Communications has completed a three-tranche bond issue raising US$2.7bn to refinance old debt.
Credit Suisse, Deutsche Bank, Goldman Sachs and BofA Merrill Lynch worked as joint book-running managers on the offering.
The Connecticut-based…
Charter Communications has completed a three-tranche bond issue raising US$2.7bn to refinance old debt.
Credit Suisse, Deutsche Bank, Goldman Sachs and BofA Merrill Lynch worked as joint book-running managers on the offering.
The Connecticut-based cableco placed US$1.15bn of 5.125% 2023 notes, US$750m of 5.375% 2025 notes and US$800m of 5.875% 2027 notes, all of which priced at par.
The proceeds will fund a tender offer for any and all of Charter’s outstanding US$1bn of 7.25% senior notes due 2017, its US$700m of 8.125% senior notes due 2020, and a portion of its 7% senior notes due 2019.
Charter is on track to become the second largest cable operator in America as it is set to benefit from the remedies Comcast has offered to gets its takeover of Time Warner Cable over the line.
However, that megadeal may be in trouble with reports suggesting officials at the Department of Justice are concerned about the competitive impact the US$45bn deal may have.
Should Comcast-TWC fall apart, that would have a serious impact on Charter, which would lose out on the 3.9 million divested subscribers it agreed to absorb.
