Charter Communications tightens discount on $750 million term D to 99½

By Sara Rosenberg

New York, April 4 - Charter Communications Operating LLC revised the original issue discount on its $750 million seven-year term loan D to 99½ from the 99 area, according to a market source.

Pricing on the loan was left unchanged at Libor plus 300 basis points with a 1% Libor floor.

The company's $1.85 billion credit facility (Ba1/BB+/BB+) also includes a $1.1 billion five-year revolver.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and UBS Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance a roughly $78 million term loan B-1 due March 6, 2014 that is priced at Libor plus 200 bps and a roughly $10 million term loan B-2 due March 6, 2014 that is priced at Libor plus 500 bps with a 3.5% Libor floor, as well as some of the roughly $3 billion term loan C due Sept. 6, 2016 that is priced at Libor plus 325 bps.

Closing on the new deal is expected on April 11.

Charter is a St. Louis-based cable operator and broadband communications company.

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