Charter Communications Inc. Tuesday announced the final results of an offer by two of its subsidiaries, which expired at midnight (EST) Monday.
The MSO said some $6.86 billion in total principal amount of old notes from CCH I LLC and CCH I Holdings LLC had been tendered, representing about 81% of the notes.
Charter added that approximately $3.39 billion aggregate principal amount of old notes that mature in 2009 and 2010 and around $3.47 billion aggregate principal amount of old notes that mature in 2011 and 2012 were tendered.
Approximately $3.53 billion principal amount of new 11% senior secured notes due 2015 of CCH I and some $2.53 billion in aggregate principal amount of various series of senior accreting notes due 2014 and 2015 of CIH are expected to be issued, and about $776 million aggregate principal amount of old 2009-10 notes and around $883 million aggregate principal amount of old 2011-12 notes will remain outstanding, the company said.
The settlement date for the offers is expected to be Wednesday, subject to the terms and conditions contained in the documents relating to the offers.
“The successful results of these private exchange offers mark another significant step in our plans to extend debt maturities and reduce our indebtedness," Charter CEO Neil Smit said in a prepared statement.
“We've further improved Charter's financial flexibility, providing increased opportunity to achieve our goal to be the premier provider of in-home entertainment and communications services in every market we serve,” he added.