Charter announces final results of $100M tender offer

Fri, 10/31/2008 - 8:25am
Mike Robuck

Charter Communications announced the final results of its $100 million cash tender offer, which was handled by its indirect subsidiary, Charter Communications Holding.

Charter made the cash tender for certain outstanding senior notes in order to reduce its consolidated interest expense.

Charter previously said it would spend a maximum of $100 million for several different note issues that come due in 2009 and 2010.

Charter, the nation’s fourth-largest MSO, said approximately $160 million of notes were validly tendered for exchange, of which 100 percent of the $70 million of notes with “Acceptance Priority Level 1,” and 36 percent of the $90 million of notes with “Acceptance Priority Level 2,” will be accepted for purchase.

Total consideration, including accrued and unpaid interest, reached Charter’s maximum of $100 million. The tender offer ended on Wednesday.

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