STAMFORD, Conn., April 19, 2013 /PRNewswire/ -- Charter
Communications, Inc. (NASDAQ: CHTR) (along with its
subsidiaries, the "Company" or "Charter") today announced that its
subsidiaries, CCO Holdings, LLC and CCO Holdings Capital Corp.
(collectively, "CCO Holdings"), have priced a public offering of
$1 billion in aggregate principal
amount of senior unsecured notes due in 2024 (the "Notes"). The
Notes will bear an interest rate of 5.750 percent per annum and
will be issued at par.
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The Notes will result in proceeds of approximately $987 million after deducting underwriting
discounts, commissions and other expenses. Charter intends to use
the net proceeds from the sale of the Notes to repurchase or redeem
CCO Holdings' outstanding 7.875% senior notes due 2018 (the "2018
Notes"), to pay related fees and expenses and for general corporate
purposes. CCO Holdings launched a tender offer for the 2018 Notes
earlier today, which was the subject of a separate press release
issued by Charter.
Charter expects to close the Notes offering on May 3, 2013, subject to customary closing
conditions. The offering and sale of the Notes was made pursuant to
a shelf registration statement on Form S-3 previously filed with
the Securities and Exchange Commission ("SEC"), as amended.
BofA Merrill Lynch acted as Joint Bookrunner for the offering.
The offering was made only by means of a prospectus supplement
dated April 19, 2013 and the
accompanying base prospectus, copies of which may be obtained on
Charter's website at www.charter.com, the SEC's website at
www.sec.gov, or by contacting BofA Merrill Lynch, 222 Broadway,
11th Floor, New York,
NY, Attention: Prospectus Department, or email:
dg.prospectus_requests@baml.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy, nor shall there be any sale of the
Notes in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This release includes forward-looking statements within the
meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), regarding, among other things, our plans,
strategies and prospects, both business and financial. Although we
believe that our plans, intentions and expectations reflected in or
suggested by these forward-looking statements are reasonable, we
cannot assure you that we will achieve or realize these plans,
intentions or expectations. Forward-looking statements are
inherently subject to risks, uncertainties and assumptions
including, without limitation, the factors described under "Risk
Factors" from time to time in our filings with the Securities and
Exchange Commission ("SEC"). Many of the forward-looking statements
contained in this release may be identified by the use of
forward-looking words such as "believe," "expect," "anticipate,"
"should," "planned," "will," "may," "intend," "estimated," "aim,"
"on track," "target," "opportunity," "tentative," "positioning,"
"designed," "create," and "potential," among others. Important
factors that could cause actual results to differ materially from
the forward-looking statements we make in this release are set
forth in other reports or documents that we file from time to time
with the SEC, and include, but are not limited to:
- our ability to sustain and grow revenues and cash flow from
operations by offering video, Internet, telephone, advertising and
other services to residential and commercial customers, to
adequately meet the customer experience demands in our markets and
to maintain and grow our customer base, particularly in the face of
increasingly aggressive competition, the need for innovation and
the related capital expenditures and the difficult economic
conditions in the United
States;
- the impact of competition from other market participants,
including but not limited to incumbent telephone companies, direct
broadcast satellite operators, wireless broadband and telephone
providers, digital subscriber line ("DSL") providers, and video
provided over the Internet;
- general business conditions, economic uncertainty or downturn,
high unemployment levels and the level of activity in the housing
sector;
- our ability to obtain programming at reasonable prices or to
raise prices to offset, in whole or in part, the effects of higher
programming costs (including retransmission consents);
- the development and deployment of new products and
technologies;
- the effects of governmental regulation on our business;
- the availability and access, in general, of funds to meet our
debt obligations prior to or when they become due and to fund our
operations and necessary capital expenditures, either through (i)
cash on hand, (ii) free cash flow, or (iii) access to the capital
or credit markets; and
- our ability to comply with all covenants in our indentures and
credit facilities any violation of which, if not cured in a timely
manner, could trigger a default of our other obligations under
cross-default provisions.
All forward-looking statements attributable to us or any person
acting on our behalf are expressly qualified in their entirety by
this cautionary statement. We are under no duty or obligation to
update any of the forward-looking statements after the date of this
release.
SOURCE Charter Communications, Inc.