Charter increases commitments, trims pricing, extends some maturities

By Sarah Lizee

Olympia, Wash., Dec. 28 – Charter Communications Operating, LLC entered into an amended and restated credit agreement on Dec. 21 with Bank of America, NA to replace and increase commitments, change interest rates and extend some maturities, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement provides for a $4 billion revolving credit facility. Revolving loans bear interest at Libor plus 150 basis points, reduced from Libor plus 175 bps. The maturity was extended to March 31, 2023 from May 18, 2021.

The agreement also provides for a $2.875 billion term A-2 loan, which bears interest at Libor plus 150 bps, reduced from 175 bps. The maturity was extended to March 31, 2023 from May 18, 2021.

As previously reported, the term B loan bears interest at Libor plus 200 bps and matures on April 30, 2025. The new maturity date replaces the maturity of the prior term E-1 loans, term F-1 loans, term H-1 loans and term I-1 loans of July 1, 2020, Jan. 3, 2031, Jan. 15, 2022 and Jan. 15, 2024, respectively.

Charter is a Stamford, Conn.-based broadband communications company and cable operator.

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