Summary
Charter Communications, Inc. (CHTR) filed an 8-K on November 3, 2008, reporting the final results of a cash tender offer conducted by its subsidiary, Charter Communications Holding Company, LLC. The tender offer aimed to repurchase specific outstanding senior notes of Charter Communications Holdings, LLC. Approximately $160 million in Notes were tendered, with the company accepting a total of approximately $102 million in principal amount. This includes all $70 million of Notes with the highest Acceptance Priority Level 1, and 36% of the $90 million of Notes with Acceptance Priority Level 2. The total cost for this repurchase, including accrued interest, was $100 million, with settlement completed on October 31, 2008. This action indicates a move by Charter to manage its debt obligations by repurchasing a portion of its outstanding notes.
Key Highlights
- 1Charter Communications announced final results for a cash tender offer on October 30, 2008.
- 2The tender offer was conducted by a direct subsidiary for certain senior notes of another subsidiary.
- 3Approximately $160 million in Notes were validly tendered for exchange.
- 4Charter accepted for purchase a total principal amount of approximately $102 million in Notes.
- 5All tendered Notes with Acceptance Priority Level 1 ($70 million) were accepted.
- 636% of the tendered Notes with Acceptance Priority Level 2 ($90 million) were accepted.
- 7The total cost, including accrued interest, for the accepted Notes was $100 million, with settlement on October 31, 2008.