Summary
Charter Communications, Inc. (CHTR) filed an 8-K on June 17, 2008, to announce an extension of the early participation deadline for a pending private offer by its indirect subsidiaries, CCH II, LLC and CCH II Capital Corp. (collectively "CCH II"). The offer, initially announced on May 29, 2008, allows holders of CCH II's existing 10.25% Senior Notes due 2010 (the "Old Notes") to exchange them for new 10.25% Senior Notes due 2013 (the "New Notes"), up to a principal amount of $500 million. The extension pushes the early participation deadline to June 27, 2008. Importantly, notes tendered under the offer can no longer be withdrawn. The exchange is structured as a modified "Dutch auction," enabling noteholders to specify their desired exchange ratio. This filing is primarily informational, providing an update on the ongoing debt exchange process aimed at extending CCH II's debt maturity profile.
Key Highlights
- 1Charter Communications announced an extension of the early participation deadline for a debt exchange offer, now set for June 27, 2008.
- 2The offer concerns the exchange of existing 10.25% Senior Notes due 2010 for new 10.25% Senior Notes due 2013 by indirect subsidiaries CCH II, LLC and CCH II Capital Corp.
- 3The maximum principal amount for the exchange offer is $500 million.
- 4Old Notes tendered in the offer can no longer be withdrawn by holders.
- 5The exchange is being conducted as a modified "Dutch auction" where noteholders can specify their exchange ratio.
- 6The offer is made to qualified institutional buyers under Rule 144A and non-U.S. persons outside the U.S. under Regulation S.