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Technology Stocks : Charter Communications (CHTR)

CHTR 231.01

-4.4%

3:59 PM EDT

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To: The O who wrote (2358)	9/19/2003 1:43:06 PM
From: zax	of 2437

ST. LOUIS (Dow Jones)--Charter Communications Inc. (CHTR, news) agreed to purchase about $1.95 billion in debt, reducing the amount that will come due in 2005 and 2006. The cable company, controlled by Microsoft Corp. (MSFT, news) co-founder Paul Allen, said in a press release Friday it will be acquiring more than 44% of the principal amount of its convertible notes in a small number of privately negotiated transactions. Charter, along with an indirect unit, CCH II LLC, agreed to purchase $609 million of its convertible senior notes and $1.3 billion principal amount of the senior notes and senior discount notes issued by Charter Communications Holdings LLC. CCH II will issue $1.6 billion in 10.25% notes due 2010. The exchanges are expected to close Tuesday. CCH II also will sell an additional $30 million of 10.25% notes for an equivalent amount of cash. The company said it captured about $294 million in debt discount, which, coupled with expected proceeds from a previously announced asset sale, totals more than $1.1 billion. Charter plans to use the funds to reduce its debt. At June 30, the company's longterm debt stood at $18.87 billion. Lazard Freres & Co. LLC served as the company's financial adviser on the transactions. Company Web site: charter.com -Tim Paradis; Dow Jones Newswires; 201-938-5400

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