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CHARTER COMMUNICATIONS, INC. /MO/ 8-K Report, Corporate Update (Dec 5, 2019)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed December 5, 2019
Period End
December 2, 2019
Security
CHTR
In the record · 2016–202610-K1110-Q328-K179

CHTR filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 179 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. Material agreement8-K · Jan ’19Jan ’19
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed December 5, 2019. Cited figures are marked; the original filing is the authoritative source.

Charter Communications, Inc. (CHTR) filed an 8-K on December 5, 2019, to report on a significant debt issuance.

On December 2, 2019, the company's operating subsidiaries, Charter Communications Operating, LLC and Charter Communications Operating Capital Corp., entered into an underwriting agreement for the issuance and sale of $1.3 billiona in aggregate principal amount of 4.800% Senior Secured Notes due 2050. These new notes will be fungible and form part of the same series as the $1.5 billion of Senior Secured Notes previously issued on October 24, 2019.

This offering aims to further strengthen the company's financial position and provide liquidity. The filing includes the Underwriting Agreement as an exhibit, detailing customary terms such as representations, warranties, covenants, and conditions to closing.

02—Key points

Key Highlights

  1. Charter Communications issued $1.3 billion in 4.800% Senior Secured Notes due 2050.
  2. The new notes are fungible with and part of the same series as previously issued Senior Secured Notes.
  3. The issuance took place on December 2, 2019.
  4. The company's operating subsidiaries, Charter Communications Operating, LLC and Charter Communications Operating Capital Corp., are the issuers.
  5. CCO Holdings, LLC acts as the parent guarantor, with other subsidiary guarantors also party to the agreement.
  6. The Underwriting Agreement was entered into with Deutsche Bank Securities Inc., Mizuho Securities USA LLC, and Morgan Stanley & Co. LLC as representatives for the underwriters.
  7. The filing provides the Underwriting Agreement as an exhibit.

03—Questions

Frequently Asked Questions

  1. What is the purpose of this debt issuance?

    While the 8-K does not explicitly state the use of proceeds, such debt issuances are typically undertaken to fund general corporate purposes, capital expenditures, potential acquisitions, or to refinance existing debt. For investors, it signals the company's strategy to secure long-term financing.

  2. How does this new debt impact Charter's financial leverage?

    This issuance increases Charter's total debt. Investors should review the company's overall debt levels, debt-to-equity ratio, and interest coverage ratios in subsequent financial reports to assess the impact on financial leverage and risk.

  3. What are the terms of the new Senior Secured Notes?

    The notes carry a coupon rate of 4.800% and mature in 2050. They are secured and are part of the same series as previously issued notes, indicating they share the same terms regarding covenants and collateral.

  4. Who are the primary parties involved in this underwriting agreement?

    The issuers are Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. CCO Holdings, LLC is the parent guarantor. The underwriters are represented by Deutsche Bank Securities Inc., Mizuho Securities USA LLC, and Morgan Stanley & Co. LLC.

04—Continue

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