Charter’s CFO to resign; subsidiary to sell $500M in notes

Tue, 03/11/2008 - 9:35am
Traci Patterson

Charter Communications’ EVP and CFO, Jeffrey T. Fisher, has resigned from the company, effective April 4. At that time, Eloise Schmitz will step in as interim CFO, in addition to her current role as SVP of strategic planning.

“Charter has made great progress over the past two years,” Fisher said. “I am pleased to have played a role in that effort and am confident I’m leaving the company well positioned for continued growth.”

Simultaneously, the third-largest U.S. cable operator announced that its subsidiary – Charter Communications Operating (Charter Operating) – will offer for sale an aggregate of $500 million principal amount of second-lien notes, due 2014, which are to be guaranteed by CCO Holdings and certain subsidiaries of Charter Operating.

The net proceeds of this proposed issuance will be used to repay, but not permanently reduce, the outstanding debt balances under the existing revolving credit facility of Charter Operating, the company said.

Charter Operating also plans to borrow up to $275 million principal amount of incremental term loans under the Charter Operating credit facilities.

The net proceeds of the proposed incremental term loans will be used to reduce borrowings, but not commitments, under the revolving portion of the Charter Operating credit facilities and for general corporate purposes, the company said. The loans will have a final maturity of March 6, 2014, and prior to this date will amortize in quarterly principal installments totaling 1 percent annually beginning on June 30.

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