| | ||||||||||||||||||||||||
Title Of Each Class Of Securities To Be Registered
|
| |
Amount To Be
Registered |
| |
Proposed
Maximum Offering Price Per Unit |
| |
Proposed
Maximum Aggregate Offering Price |
| |
Amount Of
Registration Fee(1) |
| ||||||||||||
3.900% Senior Secured Notes due 2052
|
| | | $ | 1,400,000,000 | | | | | | 95.578% | | | | | $ | 1,338,092,000 | | | | | $ | 145,985.84 | | |
Guarantees of 3.900% Senior Secured Notes
due 2052 |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | — | | |
4.400% Senior Secured Notes due 2061
|
| | | $ | 1,400,000,000 | | | | | | 99.906% | | | | | $ | 1,398,684,000 | | | | | $ | 152,596.43 | | |
Guarantees of 4.400% Senior Secured Notes
due 2061 |
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | — | | |
Total
|
| | | $ | 2,800,000,000 | | | | | | — | | | | | $ | 2,736,776,000 | | | | | $ | 298,582 | | |
| | |
Per 2052
Note |
| |
Total
|
| |
Per 2061
Note |
| |
Total
|
| ||||||||||||
Public offering price
|
| | | | 95.578%(1) | | | | | $ | 1,338,092,000(1) | | | | | | 99.906%(2) | | | | | $ | 1,398,684,000(2) | | |
Underwriting discount
|
| | | | 0.634% | | | | | $ | 8,483,503 | | | | | | 0.634% | | | | | $ | 8,867,657 | | |
Estimated proceeds to us, before expenses
|
| | | | 94.972%(1) | | | | | $ | 1,329,608,497(1) | | | | | | 99.273%(2) | | | | | $ | 1,389,816,343(2) | | |
|
Deutsche Bank Securities
|
| |
Mizuho Securities
|
| |
Morgan Stanley
|
|
|
Citigroup
|
| |
BofA Securities
|
| |
J.P. Morgan
|
|
|
Credit Suisse
|
| |
RBC Capital Markets
|
| |
Goldman Sachs & Co. LLC
|
|
|
MUFG
|
| |
TD Securities
|
| |
Wells Fargo Securities
|
|
|
Co-Managers
|
| ||||||
|
BNP PARIBAS
|
| |
Barclays
|
| |
Scotiabank
|
|
|
SMBC Nikko
|
| |
Truist Securities
|
| |
Credit Agricole CIB
|
|
|
US Bancorp
|
| |
LionTree
|
| |
Academy Securities
|
|
|
Loop Capital Markets
|
| |
MFR Securities, Inc.
|
| |
Ramirez & Co., Inc.
|
|
| | | | | S-ii | | | |
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-1 | | | |
| | | | | S-12 | | | |
| | | | | S-21 | | | |
| | | | | S-22 | | | |
| | | | | S-25 | | | |
| | | | | S-26 | | | |
| | | | | S-31 | | | |
| | | | | S-58 | | | |
| | | | | S-64 | | | |
| | | | | S-68 | | | |
| | | | | S-68 | | | |
| | | | | S-68 | | |
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | iv | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 4 | | |
| | |
Accreted
Value Historical(a) |
| |
Principal
Amount Historical |
| |
Principal
Amount Pro Forma |
| |
Principal
Amount Pro Forma as Adjusted |
| ||||||||||||
| | |
($ in millions)
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 519 | | | | | $ | 519 | | | | | $ | 1,508 | | | | | $ | 4,963 | | |
Debt (including current portion): | | | | | | | | | | | | | | | | | | | | | | | | | |
Time Warner Cable, LLC: | | | | | | | | | | | | | | | | | | | | | | | | | |
4.000% senior notes due 2021
|
| | | | 1,005 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
5.750% sterling senior notes due 2031 (£625 million principal)(b)
|
| | | | 917 | | | | | | 862 | | | | | | 862 | | | | | | 862 | | |
6.550% senior debentures due 2037
|
| | | | 1,667 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,500 | | |
7.300% senior debentures due 2038
|
| | | | 1,761 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,500 | | |
6.750% senior debentures due 2039
|
| | | | 1,705 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,500 | | |
5.875% senior debentures due 2040
|
| | | | 1,253 | | | | | | 1,200 | | | | | | 1,200 | | | | | | 1,200 | | |
5.500% senior debentures due 2041
|
| | | | 1,258 | | | | | | 1,250 | | | | | | 1,250 | | | | | | 1,250 | | |
5.250% sterling senior notes due 2042 (£650 million principal)(b)
|
| | | | 866 | | | | | | 896 | | | | | | 896 | | | | | | 896 | | |
4.500% senior debentures due 2042
|
| | | | 1,146 | | | | | | 1,250 | | | | | | 1,250 | | | | | | 1,250 | | |
Time Warner Cable Enterprises LLC: | | | | | | | | | | | | | | | | | | | | | | | | | |
8.375% senior debentures due 2023
|
| | | | 1,092 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
8.375% senior debentures due 2033
|
| | | | 1,266 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
Time Warner Cable debt
|
| | | | 13,936 | | | | | | 12,958 | | | | | | 12,958 | | | | | | 12,958 | | |
Charter Communications Operating, LLC: | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit facilities
|
| | | | 10,015 | | | | | | 10,081 | | | | | | 10,081 | | | | | | 10,081 | | |
4.464% senior secured notes due 2022
|
| | | | 2,993 | | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,000 | | |
Senior floating rate notes due 2024
|
| | | | 902 | | | | | | 900 | | | | | | 900 | | | | | | 900 | | |
4.500% senior secured notes due 2024
|
| | | | 1,095 | | | | | | 1,100 | | | | | | 1,100 | | | | | | 1,100 | | |
4.908% senior secured notes due 2025
|
| | | | 4,477 | | | | | | 4,500 | | | | | | 4,500 | | | | | | 4,500 | | |
3.750% senior secured notes due 2028
|
| | | | 989 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
4.200% senior secured notes due 2028
|
| | | | 1,242 | | | | | | 1,250 | | | | | | 1,250 | | | | | | 1,250 | | |
| | |
Accreted
Value Historical(a) |
| |
Principal
Amount Historical |
| |
Principal
Amount Pro Forma |
| |
Principal
Amount Pro Forma as Adjusted |
| ||||||||||||
| | |
($ in millions)
|
| |||||||||||||||||||||
5.050% senior secured notes due 2029
|
| | | | 1,242 | | | | | | 1,250 | | | | | | 1,250 | | | | | | 1,250 | | |
2.800% senior secured notes due 2031
|
| | | | 1,583 | | | | | | 1,600 | | | | | | 1,600 | | | | | | 1,600 | | |
2.300% senior secured notes due 2032
|
| | | | 991 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 1,000 | | |
6.384% senior secured notes due 2035
|
| | | | 1,983 | | | | | | 2,000 | | | | | | 2,000 | | | | | | 2,000 | | |
5.375% senior secured notes due 2038
|
| | | | 786 | | | | | | 800 | | | | | | 800 | | | | | | 800 | | |
3.500% senior secured notes due 2041
|
| | | | 1,482 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,500 | | |
6.484% senior secured notes due 2045
|
| | | | 3,468 | | | | | | 3,500 | | | | | | 3,500 | | | | | | 3,500 | | |
5.375% senior secured notes due 2047
|
| | | | 2,506 | | | | | | 2,500 | | | | | | 2,500 | | | | | | 2,500 | | |
5.750% senior secured notes due 2048
|
| | | | 2,392 | | | | | | 2,450 | | | | | | 2,450 | | | | | | 2,450 | | |
5.125% senior secured notes due 2049
|
| | | | 1,240 | | | | | | 1,250 | | | | | | 1,250 | | | | | | 1,250 | | |
4.800% senior secured notes due 2050
|
| | | | 2,797 | | | | | | 2,800 | | | | | | 2,800 | | | | | | 2,800 | | |
3.700% senior secured notes due 2051
|
| | | | 2,031 | | | | | | 2,050 | | | | | | 2,050 | | | | | | 2,050 | | |
3.900% senior secured notes due 2052
|
| | | | 992 | | | | | | 1,000 | | | | | | 1,000 | | | | | | 2,400 | | |
6.834% senior secured notes due 2055
|
| | | | 495 | | | | | | 500 | | | | | | 500 | | | | | | 500 | | |
3.850% senior secured notes due 2061
|
| | | | 1,339 | | | | | | 1,350 | | | | | | 1,850 | | | | | | 1,850 | | |
4.400% senior secured notes due 2061
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,400 | | |
CCO consolidated debt(c)
|
| | | | 61,446 | | | | | | 60,839 | | | | | | 60,839 | | | | | | 63,639 | | |
CCO Holdings, LLC: | | | | | | | | | | | | | | | | | | | | | | | | | |
4.000% senior notes due 2023
|
| | | | 498 | | | | | | 500 | | | | | | 500 | | | | | | 500 | | |
5.750% senior notes due 2026
|
| | | | 1,733 | | | | | | 1,750 | | | | | | 1,750 | | | | | | 1,750 | | |
5.500% senior notes due 2026
|
| | | | 1,493 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,500 | | |
5.875% senior notes due 2027
|
| | | | 796 | | | | | | 800 | | | | | | 800 | | | | | | 800 | | |
5.125% senior notes due 2027
|
| | | | 3,226 | | | | | | 3,250 | | | | | | 3,250 | | | | | | 3,250 | | |
5.000% senior notes due 2028
|
| | | | 2,473 | | | | | | 2,500 | | | | | | 2,500 | | | | | | 2,500 | | |
5.375% senior notes due 2029
|
| | | | 1,501 | | | | | | 1,500 | | | | | | 1,500 | | | | | | 1,500 | | |
4.750% senior notes due 2030
|
| | | | 3,042 | | | | | | 3,050 | | | | | | 3,050 | | | | | | 3,050 | | |
4.500% senior notes due 2030
|
| | | | 2,750 | | | | | | 2,750 | | | | | | 2,750 | | | | | | 2,750 | | |
4.250% senior notes due 2031
|
| | | | 3,001 | | | | | | 3,000 | | | | | | 3,000 | | | | | | 3,000 | | |
4.500% senior notes due 2032
|
| | | | 2,928 | | | | | | 2,900 | | | | | | 2,900 | | | | | | 2,900 | | |
4.500% senior notes due 2033
|
| | | | — | | | | | | — | | | | | | 1,000 | | | | | | 1,750 | | |
CCO Holdings consolidated debt(c)
|
| | | | 84,887 | | | | | | 84,339 | | | | | | 85,339 | | | | | | 88,889 | | |
Member’s equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total CCO Holdings member’s equity
|
| | | | 44,174 | | | | | | 44,174 | | | | | | 44,174 | | | | | | 44,174 | | |
Noncontrolling interest
|
| | | | 22 | | | | | | 22 | | | | | | 22 | | | | | | 22 | | |
Total member’s equity
|
| | | | 44,196 | | | | | | 44,196 | | | | | | 44,196 | | | | | | 44,196 | | |
Total Capitalization
|
| | | | 129,083 | | | | | | 128,535 | | | | | | 129,535 | | | | | | 133,085 | | |
|
| | |
Year Ended December 31,
|
| |
Three Months Ended March 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2016
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |||||||||||||||||||||
| | |
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
Statement of Operations Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 29,003 | | | | | $ | 41,578 | | | | | $ | 43,620 | | | | | $ | 45,756 | | | | | $ | 48,088 | | | | | $ | 11,736 | | | | | $ | 12,519 | | |
Income from operations
|
| | | $ | 2,709 | | | | | $ | 3,995 | | | | | $ | 5,192 | | | | | $ | 6,459 | | | | | $ | 8,298 | | | | | $ | 1,781 | | | | | $ | 2,048 | | |
Interest expense, net
|
| | | $ | 2,123 | | | | | $ | 3,115 | | | | | $ | 3,579 | | | | | $ | 3,839 | | | | | $ | 3,866 | | | | | $ | 992 | | | | | $ | 981 | | |
Income before income
taxes |
| | | $ | 1,460 | | | | | $ | 906 | | | | | $ | 1,649 | | | | | $ | 2,341 | | | | | $ | 4,195 | | | | | $ | 465 | | | | | $ | 1,109 | | |
Net income attributable to CCO Holdings member
|
| | | $ | 1,456 | | | | | $ | 882 | | | | | $ | 1,632 | | | | | $ | 2,251 | | | | | $ | 4,165 | | | | | $ | 459 | | | | | $ | 1,099 | | |
Balance Sheet Data (end of period):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total investment in cable properties, net
|
| | | $ | 144,151 | | | | | $ | 142,376 | | | | | $ | 141,096 | | | | | $ | 138,237 | | | | | $ | 135,981 | | | | | $ | 137,208 | | | | | $ | 135,326 | | |
Total assets
|
| | | $ | 148,319 | | | | | $ | 145,693 | | | | | $ | 144,898 | | | | | $ | 146,743 | | | | | $ | 142,621 | | | | | $ | 145,088 | | | | | $ | 141,755 | | |
Total debt
|
| | | $ | 61,747 | | | | | $ | 70,231 | | | | | $ | 72,827 | | | | | $ | 79,078 | | | | | $ | 82,752 | | | | | $ | 79,692 | | | | | $ | 84,887 | | |
Total member’s equity
|
| | | $ | 75,863 | | | | | $ | 63,582 | | | | | $ | 60,554 | | | | | $ | 55,289 | | | | | $ | 47,208 | | | | | $ | 53,179 | | | | | $ | 44,196 | | |
| | |
March 31, 2021
|
| |||||||||
| | |
Principal
Amount |
| |
Accreted
Value(a) |
| ||||||
| | |
$(in millions)
|
| |||||||||
CCO Holdings, LLC: | | | | | | | | | | | | | |
4.000% senior notes due March 1, 2023
|
| | | | 500 | | | | | | 498 | | |
5.750% senior notes due February 15, 2026
|
| | | | 1,750 | | | | | | 1,733 | | |
5.500% senior notes due May 1, 2026
|
| | | | 1,500 | | | | | | 1,493 | | |
5.875% senior notes due May 1, 2027
|
| | | | 800 | | | | | | 796 | | |
5.125% senior notes due May 1, 2027
|
| | | | 3,250 | | | | | | 3,226 | | |
5.000% senior notes due February 1, 2028
|
| | | | 2,500 | | | | | | 2,473 | | |
5.375% senior notes due June 1, 2029
|
| | | | 1,500 | | | | | | 1,501 | | |
4.750% senior notes due March 1, 2030
|
| | | | 3,050 | | | | | | 3,042 | | |
4.500% senior notes due August 15, 2030
|
| | | | 2,750 | | | | | | 2,750 | | |
4.250% senior notes due February 1, 2031
|
| | | | 3,000 | | | | | | 3,001 | | |
4.500% senior notes due May 1, 2032
|
| | | | 2,900 | | | | | | 2,928 | | |
Charter Communications Operating, LLC: | | | | | | | | | | | | | |
4.464% senior notes due July 23, 2022
|
| | | | 3,000 | | | | | | 2,993 | | |
Senior floating rate notes due February 1, 2024
|
| | | | 900 | | | | | | 902 | | |
4.500% senior notes due February 1, 2024
|
| | | | 1,100 | | | | | | 1,095 | | |
4.908% senior notes due July 23, 2025
|
| | | | 4,500 | | | | | | 4,477 | | |
3.750% senior notes due February 15, 2028
|
| | | | 1,000 | | | | | | 989 | | |
4.200% senior notes due March 15, 2028
|
| | | | 1,250 | | | | | | 1,242 | | |
5.050% senior notes due March 30, 2029
|
| | | | 1,250 | | | | | | 1,242 | | |
2.800% senior notes due April 1, 2031
|
| | | | 1,600 | | | | | | 1,583 | | |
2.300% senior notes due February 1, 2032
|
| | | | 1,000 | | | | | | 991 | | |
6.384% senior notes due October 23, 2035
|
| | | | 2,000 | | | | | | 1,983 | | |
5.375% senior notes due April 1, 2038
|
| | | | 800 | | | | | | 786 | | |
3.500% senior notes due June 1, 2041
|
| | | | 1,500 | | | | | | 1,482 | | |
6.484% senior notes due October 23, 2045
|
| | | | 3,500 | | | | | | 3,468 | | |
5.375% senior notes due May 1, 2047
|
| | | | 2,500 | | | | | | 2,506 | | |
5.750% senior notes due April 1, 2048
|
| | | | 2,450 | | | | | | 2,392 | | |
5.125% senior notes due July 1, 2049
|
| | | | 1,250 | | | | | | 1,240 | | |
4.800% senior notes due March 1, 2050
|
| | | | 2,800 | | | | | | 2,797 | | |
3.700% senior notes due April 1, 2051
|
| | | | 2,050 | | | | | | 2,031 | | |
3.900% senior notes due June 1, 2052
|
| | | | 1,000 | | | | | | 992 | | |
6.834% senior notes due October 23, 2055
|
| | | | 500 | | | | | | 495 | | |
3.850% senior notes due April 1, 2061
|
| | | | 1,850 | | | | | | 1,809 | | |
Credit facilities
|
| | | | 10,081 | | | | | | 10,015 | | |
| | |
March 31, 2021
|
| |||||||||
| | |
Principal
Amount |
| |
Accreted
Value(a) |
| ||||||
| | |
$(in millions)
|
| |||||||||
Time Warner Cable, LLC: | | | | | | | | | | | | | |
4.000% senior notes due September 1, 2021
|
| | | | 1,000 | | | | | | 1,005 | | |
5.750% sterling senior notes due June 2, 2031(b)
|
| | | | 862 | | | | | | 917 | | |
6.550% senior debentures due May 1, 2037
|
| | | | 1,500 | | | | | | 1,667 | | |
7.300% senior debentures due July 1, 2038
|
| | | | 1,500 | | | | | | 1,761 | | |
6.750% senior debentures due June 15, 2039
|
| | | | 1,500 | | | | | | 1,705 | | |
5.875% senior debentures due November 15, 2040
|
| | | | 1,200 | | | | | | 1,253 | | |
5.500% senior debentures due September 1, 2041
|
| | | | 1,250 | | | | | | 1,258 | | |
5.250% sterling senior notes due July 15, 2042(c)
|
| | | | 896 | | | | | | 866 | | |
4.500% senior debentures due September 15, 2042
|
| | | | 1,250 | | | | | | 1,146 | | |
Time Warner Cable Enterprises LLC: | | | | | | | | | | | | | |
8.375% senior debentures due March 15, 2023
|
| | | | 1,000 | | | | | | 1,092 | | |
8.375% senior debentures due July 15, 2033
|
| | | | 1,000 | | | | | | 1,266 | | |
Total debt
|
| | | | 84,339 | | | | | | 84,887 | | |
Less current portion:
|
| | | | | | | | | | | | |
4.000% senior notes due September 1, 2021
|
| | | | (1,000) | | | | | | (1,005) | | |
Long-term debt
|
| | | $ | 83,339 | | | | | $ | 83,882 | | |
|
Underwriters
|
| |
Aggregate
Principal Amount of 2052 Notes to be Purchased |
| |
Aggregate
Principal Amount of 2061 Notes to be Purchased |
| ||||||
Deutsche Bank Securities Inc.
|
| | | $ | 126,000,000 | | | | | $ | 126,000,000 | | |
Mizuho Securities USA LLC
|
| | | $ | 126,000,000 | | | | | $ | 126,000,000 | | |
Morgan Stanley & Co. LLC
|
| | | $ | 126,000,000 | | | | | $ | 126,000,000 | | |
Citigroup Global Markets Inc.
|
| | | $ | 112,000,000 | | | | | $ | 112,000,000 | | |
BofA Securities, Inc.
|
| | | $ | 77,000,000 | | | | | $ | 77,000,000 | | |
J.P. Morgan Securities LLC
|
| | | $ | 77,000,000 | | | | | $ | 77,000,000 | | |
Credit Suisse Securities (USA) LLC
|
| | | $ | 70,000,000 | | | | | $ | 70,000,000 | | |
RBC Capital Markets, LLC
|
| | | $ | 70,000,000 | | | | | $ | 70,000,000 | | |
Goldman Sachs & Co. LLC
|
| | | $ | 70,000,000 | | | | | $ | 70,000,000 | | |
MUFG Securities Americas Inc.
|
| | | $ | 70,000,000 | | | | | $ | 70,000,000 | | |
TD Securities (USA) LLC
|
| | | $ | 70,000,000 | | | | | $ | 70,000,000 | | |
Wells Fargo Securities, LLC
|
| | | $ | 70,000,000 | | | | | $ | 70,000,000 | | |
BNP Paribas Securities Corp.
|
| | | $ | 42,000,000 | | | | | $ | 42,000,000 | | |
Barclays Capital Inc.
|
| | | $ | 42,000,000 | | | | | $ | 42,000,000 | | |
Scotia Capital (USA) Inc.
|
| | | $ | 42,000,000 | | | | | $ | 42,000,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | $ | 42,000,000 | | | | | $ | 42,000,000 | | |
Truist Securities, Inc.
|
| | | $ | 42,000,000 | | | | | $ | 42,000,000 | | |
Credit Agricole Securities (USA) Inc.
|
| | | $ | 28,000,000 | | | | | $ | 28,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | $ | 28,000,000 | | | | | $ | 28,000,000 | | |
LionTree Advisors LLC
|
| | | $ | 14,000,000 | | | | | $ | 14,000,000 | | |
Academy Securities, Inc.
|
| | | $ | 14,000,000 | | | | | $ | 14,000,000 | | |
Loop Capital Markets LLC
|
| | | $ | 14,000,000 | | | | | $ | 14,000,000 | | |
MFR Securities, Inc.
|
| | | $ | 14,000,000 | | | | | $ | 14,000,000 | | |
Samuel A. Ramirez & Company, Inc.
|
| | | $ | 14,000,000 | | | | | $ | 14,000,000 | | |
Total
|
| | | $ | 1,400,000,000 | | | | | $ | 1,400,000,000 | | |
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