Charter gets tenders for $167.7 million of notes by early deadline; will accept up to $100 million

By Laura Lutz

Columbus, Ohio, March 20 - Charter Communications, Inc. and its indirect subsidiary, Charter Communications Holdings, LLC announced that it had received tenders for about $167.7 million principal amount of notes by the March 19 early tender deadline in its offer to buy 11 series of its notes.

Under the terms of the offer, the St. Louis-based broadband communications company will pay a maximum of $100 million for accepted tenders.

The tender offer applies to $104.84 million principal amount of 10% senior notes due 2009; $70.713 million of 10¾% senior notes due 2009; $52,120,145 of 9 5/8% senior notes due 2009; $32.255 million of 10¼% senior notes due 2010; $21.208 million of 11¾% senior discount notes due 2010; $52.086 million of 11 1/8% senior notes due 2011; $61.815 million of 13½% senior discount notes due 2011; $62,995,713 million of 9.92% senior discount notes due 2011; $71.43 million of 10% senior notes due 2011; $54.567 million of 11¾% senior discount notes due 2011; and $91.012 million of 12 1/8% senior discount notes due 2012.

For each $1,000 principal amount, Charter said it will pay $1,013.75 for the 10% notes due 2009, $1,028.75 for the 10¾% notes, $1,008.75 for the 9 5/8% notes, $1,011.25 for the 10¼% notes, $1,017.50 for the 11¾% notes due 2010, $1,005.00 for the 11 1/8% notes, $1,043.75 for the 13½% notes, $1,002.50 for the 9.92% notes, $1,002.50 for the 10% notes due 2011, $1,012.50 for the 11¾% notes due 2011 and $1,012.50 for the 12 1/8% notes.

If no additional tenders are received, the company will accept all the $39.3 million of the various series of notes due 2009 that have been tendered, all $19.8 million of the notes due 2010 that have been tendered and a portion of the $106.8 million tendered notes due 2011 and 2012.

The final ratios of accepted for purchase will depend on the amount of notes tendered prior to the expiration of the offer at 5 p.m. on April 3.

All payouts include a $15.00 early tender premium for those who tendered prior to an early tender deadline. Holders who tender will also receive accrued interest to the purchase date.

The early tender deadline was previously set for 5 p.m. ET on March 19. It has been extended until 5 p.m. ET on April 3 for notes with priority level one or two.

Notes tendered before 5 p.m. ET on March 19 may no longer be withdrawn.

Citigroup Corporate and Investment Banking is the dealer manager (call collect 212 723-6106 or 800 558-3745). Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 294-2200).

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