Charter Closes $1 Bln Term Loan H,$2.8 Bln Term Loan I Secured Credit Facilities

(RTTNews) - Charter Communications, Inc. (CHTR) said that its subsidiary, CCO Safari III, LLC, entered into a $1.0 billion Term Loan H senior secured credit facility and a $2.8 billion Term Loan I senior secured credit facility, each pursuant to the terms of the Charter Communications Operating, LLC Amended and Restated Credit Agreement, providing for $3.8 billion of term loans in the aggregate.

The final maturity date of the Term Loan H is August 24, 2021, and the final maturity date of the Term Loan I is January 24, 2023. Pricing on the new Term Loan H was set at LIBOR plus 250 basis points, with a 75bps LIBOR floor. Pricing on the new Term Loan I was set at LIBOR plus 275 basis points, with a 75bps LIBOR floor. Term Loan H and Term Loan I were each issued with 0.25% of original issue discount.

Charter noted that it intends to use the net proceeds from the new term loans to partially finance Charter's previously announced transactions with Time Warner Cable Inc. (TWC) and Bright House Networks, LLC.

The proceeds from the new term loans have been placed in escrow at CCO Safari III, LLC until the closing of the transaction between Charter and Time Warner Cable Inc., at which time the loans will be assumed by Charter's subsidiary, Charter Communications Operating, LLC.