By Cristal Cody
Tupelo, Miss., April 14 – Charter Communications, Inc. subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. priced $3 billion of senior secured notes (Ba1/BBB-/BBB-) in two tranches on Tuesday, according to a market source.
A $1.6 billion tranche of 2.8% notes due April 1, 2031 priced at a spread of Treasuries plus 210 basis points.
The 11-year notes were talked to print in the Treasuries plus 250 bps area.
The company sold $1.4 billion of 3.7% notes due April 1, 2051 at a 235 bps over Treasuries spread.
The 31-year notes were talked at the 275 bps spread area.
BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
Charter is a Stamford, Conn.-based broadband communications company.
| Issuers: | Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.
|
| Amount: | $3 billion
|
| Description: | Senior secured notes
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Trade date: | April 14
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| 11-year notes
|
| Amount: | $1.6 billion
|
| Maturity: | April 1, 2031
|
| Coupon: | 2.8%
|
| Spread: | Treasuries plus 210 bps
|
| Price guidance: | Treasuries plus 250 bps area
|
|
|
| 31-year notes
|
| Amount: | $1.4 billion
|
| Maturity: | April 1, 2051
|
| Coupon: | 3.7%
|
| Spread: | Treasuries plus 235 bps
|
| Price guidance: | Treasuries plus 275 bps area
|
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