Charter Communications Inc. is tidying up its debt house a bit, announcing that it completed refinancing of $6.85 billion in senior secured credit facilities held by Charter Communications Operating LLC.
Under the new debt arrangement, Charter gains an increased $350 million revolver/term-credit facility, a $5 billion term loan due in 2013 and certain amendments to the existing $1.5 billion revolving credit facility.
JPMorgan Securities Inc., Banc of America Securities LLC and Citigroup Global Markets Inc. arranged the refinance.
The move is part of Charter’s strategy to better support its debt load, according to chief financial officer J.T. Fisher.
"We're very pleased with the results of this new credit facility as we continue to make progress on our opportunistic strategy to extend debt maturities, improve liquidity and reduce interest costs,” Fisher said in a release.