News Release
Charter Announces Initial Results of Tender Offers and Consent Solicitations
(Logo: http://photos.prnewswire.com/prnh/20110526/AQ10195LOGO)
Issuer
|
CUSIP Nos.
|
Title of Security
|
Aggregate
|
Tender Offer Consideration(1)
|
Consent Fee/Early Tender Payment(2)
|
Total Consideration(1)
|
Charter Operating |
161175AA2 U16109AA5 |
8.000% Senior Second Lien Notes due 2012 |
$500,341,000 |
$994.40 |
$25.00 |
$1,019.40 |
Charter Operating |
161175AG9 U16109AC1 |
10.875% Senior Second Lien Notes due 2014 |
$311,561,000 |
$1,043.35 |
$25.00 |
$1,068.35 |
CCH II |
12502CAS0 12502CAT8 |
13.500% Senior Notes due 2016 |
$1,480,367,024 |
$1,130.00 |
$25.00 |
$1,155.00 |
(1) Per
(2) Represents a consent fee per
Holders of approximately
Charter Operating also solicited consents (the "Consent Solicitations") from the holders of the 2012 Notes and 2014 Notes to proposed amendments to eliminate substantially all of the restrictive covenants and certain events of default contained in the indentures governing those Notes. The Consent Solicitations expired at
Each tender offer is scheduled to expire at
Holders may obtain copies of the Offer to Purchase from the Information Agent for the tender offers,
Neither the Company, Charter Operating, CCH II, the Dealer Managers, the Information Agent nor any other person makes any recommendation as to whether holders of Notes should tender their Notes, and no one has been authorized to make such a recommendation.
This announcement is not an offer to purchase, or the solicitation of an offer to sell the Notes. The tender offers may only be made pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements, 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
- our ability to sustain and grow revenues and free cash flow 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, and digital subscriber line ("DSL") providers and competition from 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 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
Media, Anita Lamont, +1-314-543-2215, or Analysts, Robin Gutzler, +1-314-543-2389, both for Charter Communications, Inc.