Summary
Charter Communications, Inc. (CHTR) announced on August 29, 2007, a proposed exchange offer initiated by its subsidiary, Charter Communications Holding Company, LLC. This offer allows holders of Charter's 5.875% senior convertible notes due 2009 to exchange their notes for up to $595,082,000 principal amount of new 7.00% Convertible Senior Notes due 2027. The total principal amount of the existing notes eligible for exchange is up to $309,375,000. This exchange offer is a significant event for holders of the 2009 notes, presenting an opportunity to transition to a new note with a higher coupon rate and a longer maturity. Investors should carefully review the terms and conditions of the exchange offer, as detailed in the Form S-4 registration statement filed with the SEC, which also includes updated risk factors associated with Charter and its subsidiaries. The offer is set to expire on September 26, 2007, unless extended or terminated.
Key Highlights
- 1Charter Communications announced a debt exchange offer for its 5.875% senior convertible notes due 2009.
- 2The exchange offer is being conducted by subsidiary Charter Communications Holding Company, LLC.
- 3Holders can exchange up to $309,375,000 of existing notes for up to $595,082,000 of new 7.00% Convertible Senior Notes due 2027.
- 4The new notes will have a higher interest rate (7.00%) compared to the existing notes (5.875%).
- 5The new notes will mature in 2027, extending the maturity from the current 2009 notes.
- 6The exchange offer is detailed in a Form S-4 registration statement filed with the SEC.
- 7The offer is set to expire on September 26, 2007, unless extended or terminated.