Briefs
Staff -- Multichannel News, 5/21/2001
St. Louis—Charter Communications Inc. last week said it would seek to raise about $1.75 billion in debt and equity to help pay down debt.
In a press release, Charter said it would issue $1.25 billion of class-A common stock and another $500 million of convertible senior notes, due 2006. No date for either offering was disclosed.
Given Charter's closing price of $23.86 per share last Tuesday (May 15), the equity offering would involve about 52.4 million shares. Charter had about 233.8 million class-A common shares outstanding as of May 3.
St. Louis—Enstar Communications Inc.— a small-market MSO that was once part of Falcon Communications LP — is on the block again, after a potential buyer was unable to obtain financing.
In September, Gans Multimedia Inc. — a Hazelton, Pa.-based cable-system operator and broadcast-TV station owner — had agreed to buy about 65,000 of Enstar's total 75,000 subscribers for about $130 million. But the deal was terminated April 18 after Gans failed to obtain financing, according to federal filings last week.
