| Tech Stock News and Analysis |
|
|
| Friday, August 11, 2006 |
Charter Communications to Swap Up to $875 Million in Debt, Also Plans Note Exchange
Charter Communications Inc., the nation's third-largest cable operator, said Friday it will sell up to $875 million of debt via private placements to extend its debt maturities and trim its overall debt load.
Shares of the St. Louis-based company rose 9.1 percent, or 11 cents, to $1.32 Friday morning on the Nasdaq. The stock has traded between 88 cents and $2 over the past year.
Microsoft Corp. co-founder Paul Allen controls about 90 percent of the company's voting shares.
Charter said its CCH II subsidiary is offering to issue up to $200 million of new 10.25 percent senior notes due 2013, and CCH I is offering to issue up to $675 million of 11 percent senior secured notes due 2015, in exchange for up to any Charter notes with maturities ranging from 2009 through 2012.
The offers are made only to qualified institutional buyers and to certain non-U.S. investors located outside the United States.
In addition, Charter said it will offer to swap up to $450 million of its outstanding 5.875 percent senior convertible notes due 2009 for up to $188 million in cash, up to 45 million of its common shares, and up to $146.3 million of CCH II's 10.25 percent senior notes due 2010. |
|
|
|
|
| Previous Post |
|
| Archives |
|
| Links |
|
| Powered by |
 |
|
