Charter Communications Inc. said that about 81% of its bondholders have tendered their debt as part of an $8.4 billion private-exchange offering the St. Louis-based MSO announced last month.
In a prepared statement, Charter said that as of Sept. 9, about $6.83 billion in old notes had been validly tendered -- $3.39 billion of old notes that mature in 2009 and 2010 and $3.44 billion in notes that mature in 2011 and 2012.
As a result, Charter said, $3.53 billion of new 11% notes due 2015 and $2.5 billion in new notes due 2014 and 2015 will be issued. About $777 million of the old 2009-10 notes and $914 million in old 2011-12 notes would remain outstanding.
The tender offer expires Sept. 26, Charter said. The Sept. 9 deadline was for bondholders to receive a $50 early participation payment.