Charter Communications Inc. said Tuesday that two subsidiaries will issue bonds worth about $500 million in an effort to pay down some of its $18.5 billion in debt.
According to a press release, the two subsidiaries -- CCO Holdings LLC and CCO Holdings Capital Corp. -- will offer the senior notes, due 2013, to institutional buyers in a private transaction.
Charter said that subject to market conditions, the offering could be completed within the next week.
Following Charter’s announcement, Moody's Investors Service Inc. said it has revised its outlook on the company from "negative" to "stable."
The debt-ratings service said the likelihood of a near-term default had been "somewhat" reduced by the offering and by other proposed asset sales.