Charter extends deadlines and – GuruFocus.com

STAMFORD, Conn., June 2, 2022 /PRNewswire/ — Charter Communications, Inc. (NASDAQ: CHTR) (together with its subsidiaries, “Charter”) today announced that its subsidiary, Charter Communications Operating, LLC (“CCO”), has entered into an amendment ( the “Amendment”) to the CCO Credit Agreement on May 26, 2022 to: (i) convert all of CCO’s A-4 Term Loans to A-5 Term Loans, (ii) borrow $2.85 billion additional A-5 term loans and extend the maturity of the A-5 term loans to August 31, 2027(iii) create and borrow a new tranche of $500 million maturing A-6 term loans August 31, 2028(iv) increase the size of CCO’s revolving credit facility, change the benchmark interest rate from LIBOR to SOFR and extend the maturity date to August 31, 2027 and (v) make certain other amendments to the Credit Agreement.

Charter used a portion of the amendment proceeds to repay all A-2 term loans, A-4 term loans, and all outstanding revolving loans prior to the amendment’s effective date. After giving effect to the amendment: (i) the aggregate principal amount of outstanding A-5 Term Loans is $6.05 billion with a pricing of SOFR plus 1.25%, (ii) the aggregate principal amount of outstanding A-6 term loans is $500 million with a pricing of SOFR plus 1.50% and (iii) the total amount of the revolving credit facility increased by $750 million to a total capacity of $5.5 billion with a pricing of SOFR plus 1.25%. The total principal amount of the B-1 Term Loans (maturing April 30, 2025) and B-2 term loans (maturing February 1, 2027) in circulation are $2.4 billion and $3.7 billionrespectively, with unchanged LIBOR-based pricing.

About the Charter
Charter Communications, Inc. (NASDAQ: CHTR) is a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states through its Spectrum brand. On an advanced communications network, the company offers a full range of state-of-the-art residential and business services, including Spectrum Internet®TV, Mobile and Voice.

For small and medium businesses, Spectrum Business® offers the same suite of broadband products and services combined with special features and applications to improve productivity, while for large enterprises and government entities, Spectrum Enterprise offers highly customized fiber-based solutions. Spectrum scope® offers bespoke advertising and production for the modern media landscape. The company also distributes award-winning media coverage, sports programming and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. For more information about Charter, visit corporate.charter.com.

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SOURCECharter Communications, Inc.

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