Charter planning $1 billion notes offering
Charter Communications prices offering of $1 billion notes
STAMFORD, Conn. (AP) -- Charter Communications Inc. said Friday that has priced a planned public offering of $1 billion in notes due 2024 in a bid to raise funds to buyback or redeem notes held by a subsidiary.
The senior unsecured notes will bear an interest rate of 5.750 percent a year and will be issued at par.
The cable TV provider expects the offering will raise $987 million, after certain expenses.
The company intends to use the net proceeds from the sale of the notes to buy back or redeem CCO Holdings' 7.875 percent senior notes due 2018, as well as pay related fees, expenses and other corporate costs.
CCO Holdings launched a tender offer for the 2018 Notes earlier Friday.
Charter expects to close the offering on May 3.
Charter Communications' stock ended regular trading up 31 cents at $103.04.
