Summary
Charter Communications, Inc. (CHTR) filed an 8-K on October 17, 2008, detailing an amendment to a cash tender offer by its subsidiary, Charter Communications Holding Company, LLC (“Charter Holdco”). The offer was to purchase up to $100 million of Charter Communications Holdings, LLC Notes. As of October 14, 2008, approximately $69 million of Notes with the highest priority level (Level 1) had been tendered, and their settlement occurred on October 17, 2008. Importantly, Charter Holdco reduced the consideration offered for Notes in a lower priority group (Level 2), referred to as the "Affected Notes".
Key Highlights
- 1Charter Holdco is conducting a cash tender offer for its subsidiary's notes, capped at $100 million.
- 2As of October 14, 2008, $69 million of Priority Level 1 Notes were tendered, with settlement on October 17, 2008.
- 3The company decreased the tender offer consideration for Priority Level 2 Notes (Affected Notes).
- 4The early tender deadline for these Affected Notes has been extended to October 29, 2008.
- 5The filing includes a press release dated October 15, 2008, as an exhibit.
Frequently Asked Questions
This filing primarily serves to update investors on the status of Charter Communications Holding Company, LLC's cash tender offer for its subsidiary's notes, specifically announcing interim results and an amendment to the offer terms.
As of October 14, 2008, approximately $69 million of Notes with an Acceptance Priority Level of 1 had been tendered. The settlement for these notes occurred on October 17, 2008.
Charter Holdco reduced the 'Tender Offer Consideration' and 'Total Consideration' for notes with an Acceptance Priority Level of 2. The deadline for tendering these specific notes has been extended.
The expiration time for the Affected Notes (Priority Level 2) has been extended to 5:00 p.m. Eastern Daylight Time on Wednesday, October 29, 2008.