Charter Communications Launches Senior Secured Notes Offering
Charter Communications is moving to raise capital through an offering of senior secured fixed-rate notes, targeting funds to support its acquisition of Cox Communications. The move comes as the telecom giant seeks to finance the cash portion of the deal while simultaneously managing its broader corporate debt obligations.
The offering, managed by subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp., is structured independently of the Cox Transactions. According to the company, the success of the bond sale is not a prerequisite for the acquisition to close, nor is the acquisition a condition for the notes to be issued. The company intends to direct the net proceeds toward the acquisition payout, general corporate purposes, and the repayment of existing debt.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC are serving as joint book-running managers for the transaction. The sale will be conducted under an automatic shelf registration statement filed with the Securities and Exchange Commission, with final terms contingent upon prevailing market conditions.
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