Tender Offer from Charter - Multichannel

Tender Offer from Charter

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Charter Communications Inc. announced Friday morning that it would initiate a
cash tender offer for a portion of its $1.4 billion in convertible senior notes,
pushing back the maturity dates on the bonds and using some proceeds to pare
down debt.

Charter said it would make a tender offer for up to $1.1 billion of its 4.75%
senior convertible notes due 2006 and its 5.75% senior notes due 2005 for 80
cents and 82.5 cents on the dollar, respectively.

The MSO added that it will use proceeds from a $1.7 billion private-placement
bond offering to fund the tender offer and to retire about $500 million in bank
debt.

Charter stock surged more than 19% (76 cents) in early trading Friday on the
news, to $4.74 per share.

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