STAMFORD, Conn., April 21, 2015 /PRNewswire/ — Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter") today announced the completion of its previously announced tender offer (the "Tender Offer") by its subsidiaries, CCO Holdings, LLC and CCO Holdings Capital Corp. to purchase any and all of its outstanding $1.0 billion 7.250% senior notes due 2017 (the "2017 Notes") and $700 million 8.125% senior notes due 2020 (the "2020 Notes" and, together with the 2017 Notes, the "Notes"). The Tender Offer expired at 11:59 p.m. New York City time, on April 20, 2015 (the "Expiration Time").
Approximately $633,066,000 or 63.31% of the 2017 Notes and $528,154,000 or 75.45% of the 2020 Notes were validly tendered prior to the Expiration Time, which excludes $6,290,000 aggregate principal amount of the outstanding Notes that remain subject to the guaranteed delivery procedures. Payment for the Notes validly tendered and accepted for payment is expected to be made today, with the proceeds of Charter’s previously announced offering of senior notes.
Substantially concurrently with Charter’s consummation of the Tender Offer, Charter has irrevocably called for redemption all of the Notes that were not tendered pursuant to the Tender Offer and remain outstanding after the Expiration Time, on May 21, 2015, at the redemption price of $1,036.25 for every $1,000 principal amount of 2017 Notes and $1,040.63 for every $1,000 principal amount of 2020 Notes redeemed, in each case, plus accrued and unpaid interest to, but not including, the date of redemption. Following the redemption, no principal amount of Notes will remain outstanding.
On April 17, 2015, Charter issued a conditional notice of partial redemption to redeem $800 million of its $1.4 billion outstanding 7.00% senior notes due 2019 (the "2019 Notes") on May 18, 2015, at a redemption price of $1,035.00 for every $1,000 principal amount of 2019 Notes, plus accrued and unpaid interest to, but not including, the date of redemption. Today, Charter issued a supplemental notice of redemption giving notice that the condition to the redemption had been satisfied. Charter intends to use proceeds of its previously announced offering of senior notes to fund the partial redemption of the 2019 Notes.
Charter (NASDAQ: CHTR) is a leading broadband communications company and the fourth-largest cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter TV® video entertainment programming, Charter Internet® access, and Charter Phone®. Charter Business® similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, business telephone, video and music entertainment services, and wireless backhaul. Charter’s advertising sales and production services are sold under the Charter Media® brand.
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SOURCE Charter Communications, Inc.