Charter Communications Extends Debt Maturities

By Bobby Samwell • Tuesday, December 10 10:19 • Permanent Link

Charter Communications, Inc. (NASDAQ: CHTR) has announced the extension of the maturities of its credit facilities through an amendment to its existing Credit Agreement. The amendment extends the maturity date of a significant portion of its debt due in 2027 to maturity dates in 2030 and 2031.

As a result of the Amendment, the aggregate principal amount of CCO’s revolving credit facility has increased by $960 million, with a pricing of SOFR plus 1.25%. This increase is comprised of an aggregate principal amount of existing Revolving B Commitments of $960 million and an aggregate principal amount of new Revolving C Commitments of $5.5 billion, maturing on March 15, 2030.

Additionally, a portion of the existing Term A-5 Loans were converted into new Term A-7 loans, resulting in an aggregate principal amount of Term A-7 Loans outstanding of approximately $4.5 billion, with a pricing of SOFR plus 1.25%, maturing on March 15, 2030. Furthermore, a portion of the existing Term B-2 Loans were converted into new Term B-5 Loans, with an aggregate principal amount of Term B-5 Loans outstanding of $2.5 billion, and a pricing of SOFR plus 2.25%, maturing on December 15, 2031.

The proceeds from the Amendment, coupled with cash on hand, were used by CCO to repay all the remaining Term A-5 Loans and Term B-2 Loans not converted to Term A-7 or Term B-5 Loans, respectively, along with related fees and expenses.

Charter Communications, Inc., a leading broadband connectivity company and cable operator, provides services to over 58 million homes and businesses in 41 states through its Spectrum brand. The company offers a full range of residential and business services, including Spectrum Internet®, TV, Mobile, and Voice, over an advanced communications network.

For small and medium-sized companies, Spectrum Business® delivers broadband products and services with special features and applications, while Spectrum Enterprise® provides highly customized, fiber-based solutions for larger businesses and government entities. Spectrum Reach® offers tailored advertising and production, and the company also distributes award-winning news coverage and sports programming through Spectrum Networks. As a result of these announcements, the company's shares have moved 1.1% on the market, and are now trading at a price of $370.16. If you want to know more, read the company's complete 8-K report here.

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