Citigroup to Offer 67.7M Charter Shares

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Charter Communications Inc. Tuesday announced the pricing of its issuance of approximately 67.7 million shares of class-A common stock to Citigroup Inc.

The company said the issuance is pursuant to an effective registration statement covering the issuance and sale of up to 122.8 million shares of class-A common stock, which Charter previously agreed to loan to Citigroup Global Markets Ltd. pursuant to a share-lending agreement.

Charter said Citigroup will offer the shares for sale at a price of $1.22 apiece. Should all 67.7 million shares be sold, the MSO will remain obligated to issue, at Citigroup's request, up to an additional 55.1 million shares in up to three subsequent offerings pursuant to the share-lending agreement.

Charter will not receive any of the proceeds from the sale, but the company will receive a loan fee of $0.001 for each share it lends to Citigroup.

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