US cableco Charter Communications has priced a private offering of US$1bn senior secured notes split equally into two tranches.
The first US$500m tranche matures in 2021 and bears interest of 5.25%. The second US$500m slice has a coupon of 5.75% and is…
US cableco Charter Communications has priced a private offering of US$1bn senior secured notes split equally into two tranches.
The first US$500m tranche matures in 2021 and bears interest of 5.25%. The second US$500m slice has a coupon of 5.75% and is due in 2023.
The net proceeds will be used in part to repay existing bank debt. The cableco expects to close the offering on 14 March 2013.
Last month Charter agreed to buy cableco Optimum West from Cablevision Systems Corporation for US$1.625bn. To fund the deal it arranged US$1.5bn of committed bank financing provided by Credit Suisse and Goldman Sachs.
Connecticut-based Charter, the fourth-largest cable operator in the US, expects that deal to close in Q3.