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Charter Announces Initial Results Of Tender Offer And Consent Solicitations

Stocks in this article: CHTR

STAMFORD, Conn., June 25, 2013 /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, the "Company" or "Charter") today announced the results of the tender offer by its indirect subsidiary, Charter Communications Operating, LLC ("CCO") to purchase for cash any and all of the outstanding 8.00% Senior Notes due 2018 (the "Notes") of Bresnan Broadband Holdings, LLC (formerly BBHI Acquisition LLC) (the "Issuer" or "Bresnan"), commenced June 10, 2013 and tendered and not withdrawn by 5:00 p.m., New York City time, on Friday, June 21, 2013 (the "Early Tender/Consent Deadline").


Holders of $250 million aggregate principal amount of the Notes have validly tendered their Notes. The aggregate purchase price (including a consent payment) will be approximately $275 million. Subject to certain conditions being met, the Notes validly tendered at or prior to the Consent Payment Deadline will be accepted for purchase on Monday, July 1, 2013.

Charter also solicited consents (the "Consent Solicitation") from the holders of the Notes to proposed amendments to, among other things, eliminate substantially all of the restrictive covenants and certain events of default, and eliminate or modify related provisions contained in the indenture governing the Notes. The Issuer has received consents from holders of 100% of the Notes as of the Early Tender/Consent Deadline and has entered into the proposed amendments to the indenture governing the Notes.

The tender offer is scheduled to expire at 11:59 p.m. EST, on July 8, 2013, unless extended or earlier terminated (the "Expiration Date"). However, all outstanding Notes were tendered prior to the Early Tender/Consent Deadline. The consummation of the tender offer for the Notes is conditioned upon consummation of the acquisition of Bresnan (the "Acquisition"), which we expect to close on July 1, 2013. The proposed amendments will become effective with respect to the indenture governing the Notes only upon consummation of the Acquisition.

Neither the Company, the Issuer, the Dealer Manager, the Information Agent nor any other person makes any recommendation as to whether holders of Notes should tender their Notes and deliver consents to the Proposed Amendments, and no one has been authorized to make such a recommendation.

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