Charter Communications arranges three-part split-rated bond offering

Chicago, March 10 – Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. is in the market with a three-part bond offering coming off the investment-grade desks (Ba1/BBB-/BBB-), according to a 424B2 filing with the Securities and Exchange Commission and some additional details from a market source.

The tranche sizes are structured for 11-, 31- and 41-year tenors, according to the source.

Charter will be able to optionally redeem the notes early with a make-whole premium until certain par call dates.

Joint bookrunners for the SEC-registered notes are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC.

Kirkland & Ellis LLP is advising the issuer. Cahill Gordon & Reindel LLP is working as counsel to the bookrunners.

Bank of New York Mellon Trust Co., NA is the trustee.

Proceeds will be used for general corporate purposes, including to fund potential buybacks of the company’s class A common stock and common units of Charter Holdings, to repay certain debt and to pay related fees and expenses.

The issuer is a Stamford, Conn.-based broadband communications company.

Paul A. Harris contributed to this story.

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