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Technology Stocks : Charter Communications (CHTR)
CHTR 231.01-4.4%3:59 PM EDT
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To: Chartgod who wrote (2348)6/19/2003 6:29:02 PM
From: Kid Rock  Read Replies (1) of 2437
 
Charter seals $5.2 billion credit deal with lenders

from the st. louis business journal
bizjournals.com

Charter Communications Inc. has reached an agreement with its lenders for $5.2 billion in senior secured credit facilities.



As part of the deal, the ocmpany will create intermediate holding companies between Charter Communications Holdings and a new holding company and the bank borrower, Charter Communications Operating LLC. In addition, Charter will move the equity of certain subsidiaries to Charter Communications Operating.

The company said the new holding company will be the borrower if Charter borrows the $300 million its Chairman Paul Allen has offered.

On June 17, UBS Investment Research analyst Aryeh Bourkoff upgraded Charter to neutral from reduce, saying that the company has likely averted bankruptcy, according to published reports. On the news, shares of Charter Communications Inc. closed up more than 12 percent at $3.47, up 39 cents.

St. Louis-based Charter Communications Inc. (Nasdaq: CHTR) is the nation's third-largest cable television provider, and also provides digital video programming and high-speed Internet access. Its 52-week range is 76 cents to $5.489.
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