Charter Communications said Wednesday that it has received
the necessary votes from lenders to amend its existing $8.17 billion in senior
secured credit facilities, extending maturities on some debt and creating a new
revolving credit facility.
The deal also appeases a group of lenders that had tried
to block Charter's Chapter 11 reorganization plan last year. As part of the
new deal, Bank of America and J.P. Morgan Chase Bank have agreed to dismiss the
pending appeal of the company's order of confirmation before U.S. District
Court of the Southern District of New York, and to waive any objections to the
order of confirmation issued by the U.S. Bankruptcy Court for the Southern
District of New York on Nov. 30.
As part of the deal, Charter will extend about $3 billion of
existing term loan maturities to Sept. 2016, a two and one-half year extension
from the current terms. Charter also will enter into a new revolving credit
facility for $1.2 billion, which will mature in 2015 (a two year extension from
the current revolver).
In a statement, Charter said it expects to close on the
transaction by March 31.
Banc of America Securities LLC,
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche
Bank Securities Inc., GE Capital Markets, Inc., J.P. Morgan Securities Inc.,
and UBS Securities LLC are serving as joint lead arrangers and joint bookrunners,
and US Bank National Association is serving as senior managing agent on the