Charter to redeem some 5.75% convertibles with notes sale proceeds

Pittsburgh, Nov. 15 - Charter Communications Inc. will redeem a portion of its $588 million outstanding 5.75% convertible senior notes due October 2005 with a portion of the proceeds from its convertible senior notes due 2009, according to a company news release.

Charter plans to call the convertibles immediately following the sale of the new notes.

Proceeds from the sale will also be used to purchase a portfolio of U.S. Treasury securities as security for certain interest payments on the new notes, the release said.

Charter is a St. Louis-based cable operator.

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