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CHTR

Charter Announces Expiration And Final Results Of Debt Exchange Offers

Charter debt-exchange expires with modest tender take-up, signaling limited near-term impact

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  <section data-block="information">
    <h3>Information</h3>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Charter announced the expiration and final results of two debt-exchange offers to swap old notes for New Senior Secured Notes due 2038 and 2041. Tender activity was modest: Pool 1 $84.4M (0.8%), Pool 2 $60.7M (0.6%). Final settlement is slated for August 24, 2026, with caps limiting total new-note issuance to $2B per series and a $614.423M sub-cap for the 4.5% notes.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Charter announces expiration and results of debt-exchange offers.</li><li>Pool 1 tendered $84.396M (0.8%); Pool 2 $60.651M (0.6%).</li><li>Offers swap old notes for New 2038/2041 notes; final settlement Aug 24, 2026.</li><li>Caps: New 2038/2041 up to $2B each; 4.5% notes sub-cap $614.423M.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Charter Communications, Inc. (CHTR)</strong>: Announced expiration/final results of debt-exchange offers; potential impact on capital structure.</li><li><strong>Barclays Capital Inc. (BARC)</strong>: Joint lead dealer manager for the exchange offers; involvement signals pricing/marketing activity.</li><li><strong>Citigroup Global Markets Inc. (C)</strong>: Joint lead dealer manager; role supports distribution and qualification aspects of the offer.</li><li><strong>Morgan Stanley &amp; Co. LLC (MS)</strong>: Joint lead dealer manager; accountability for coordinating the exchange process.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The article details Charter&#039;s debt-exchange mechanics, settlement timing, and issuance caps, all of which are capital-structure actions with limited short-run equity impact but potential longer-run leverage implications.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Tender take-up remains modest, implying limited near-term balance-sheet impact.</li><li>Final settlement date (Aug 24, 2026) could trigger minor activity but no major re-pricing.</li><li>Caps cap total new-note issuance, limiting incremental debt financing via this program.</li><li>No immediate earnings or revenue impact from this debt-exchange update.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Expiration Date: Aug 20, 2026.</li><li>Pool 1 tender: $84,396,000; 0.8% of outstanding Pool 1 Notes.</li><li>Pool 2 tender: $60,651,000; 0.6% of outstanding Pool 2 Notes.</li><li>New Notes Cap: $2,000,000,000 for 2038; $2,000,000,000 for 2041.</li><li>4.500% Notes Sub-Cap: $614,423,000.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>CHTR likely drifts in a narrow range near-term as the exchange is small-scale and price-insensitive.</p>
  </section>
</section>


<article><section>
  <h2>Charter Announces Expiration And Final Results Of Debt Exchange Offers</h2>
  <p><strong>Charter Communications, Inc. (CHTR)</strong> today announced the expiration and final results of its private debt exchange offers conducted by its wholly‑owned subsidiaries and Time Warner Cable, LLC. The exchanges involved seven series of notes and were designed to exchange Old Notes for cash and new Senior Secured Notes due 2038 and 2041. The Expiration Date was <strong>Aug. 20, 2026</strong> at <strong>5:00 p.m., New York City time</strong>.</p>
</section>

<section>
  <h2>Exchange Offers At A Glance</h2>
  <p>The exchange offers comprise two pools:</p>
  <ul>
    <li><strong>Pool 1 Offer:</strong> exchange of seven series of notes for a combination of cash and a new series of Senior Secured Notes due 2038 (the <em>New 2038 Notes</em>), to be issued by the CCO Issuers.</li>
    <li><strong>Pool 2 Offer:</strong> exchange of five series of notes for a combination of cash and a new series of Senior Secured Notes due 2041 (the <em>New 2041 Notes</em>), to be issued by the CCO Issuers.</li>
  </ul>
  <p>The Pool 1 and Pool 2 exchanges are private offers by Charter Communications Operating, LLC (<em>CCO</em>) and Charter Communications Operating Capital Corp. (<em>CCO Capital</em>)—together the <em>CCO Issuers</em>—and by Time Warner Cable, LLC (<em>TWC Issuer</em>), together the <em>Old Notes Issuers</em>.</p>
</section>

<section>
  <h2>Tender Results As Of Expiration</h2>
  <p><em>As of 5:00 p.m., New York City time, on August 20, 2026 (the "Expiration Date"), according to information provided by D.F. King & Co., Inc., the exchange agent and the information agent for the Exchange Offers, the aggregate principal amount of $84,396,000 of Pool 1 Notes had been validly tendered and not withdrawn in the Pool 1 Offer after the Early Tender Date (as defined below) but on or prior to the Expiration Date, representing 0.8% of the outstanding Pool 1 Notes, and the aggregate principal amount of $60,651,000 of Pool 2 Notes had been validly tendered and not withdrawn in the Pool 2 Offer after the Early Tender Date but on or prior to the Expiration Date, representing 0.6% of the outstanding Pool 2 Notes, each as detailed below.</em></p>
  <p><em>Pool 1 Notes</em></p>
  <div>
    <p><strong>Issuer(s):</strong> CCO Issuers</p>
    <p><strong>Title of Security:</strong> 3.500% senior secured notes due 2042</p>
    <p><strong>Aggregate Principal Amount Outstanding:</strong> $1,236,000,000</p>
    <p><strong>CUSIP No./ ISIN:</strong> 161175CE2 / US161175CE27</p>
    <p><strong>Acceptance Priority Level:</strong> 1</p>
    <p><strong>Sub-Cap:</strong> N/A</p>
  </div>
  <p><em>Pool 2 Notes</em></p>
  <div>
    <p><strong>Issuer(s):</strong> CCO Issuers</p>
    <p><strong>Title of Security:</strong> 3.500% senior secured notes due 2042</p>
    <p><strong>Aggregate Principal Amount Outstanding:</strong> (as detailed in the Pool 2 disclosures)</p>
    <p><strong>CUSIP No./ ISIN:</strong> US161175CE27</p>
    <p><strong>Acceptance Priority Level:</strong> 2</p>
    <p><strong>Sub-Cap:</strong> N/A</p>
  </div>
</section>

<section>
  <h2>Notes On The New Debt And Issuers</h2>
  <p>The Pool 1 Offers to exchange seven series of notes for cash and the <em>New 2038 Notes</em> are to be issued by the <strong>CCO Issuers</strong>. The Pool 2 Offers to exchange five series of notes for cash and the <em>New 2041 Notes</em> are to be issued by the <strong>CCO Issuers</strong>.</p>
  <p>The exchange transactions are being administered by <strong>D.F. King & Co., Inc.</strong> as the exchange agent and information agent.</p>
</section>

<section>
  <h2>Context And Next Steps</h2>
  <p>Charter, trading under the ticker <strong>CHTR</strong>, continues to manage its debt through private exchange offers aimed at optimizing capital structure by exchanging existing notes for new secured debt obligations due in the 2030s and 2040s. Final settlement terms, additional disclosures, and any applicable conditions will be provided by Charter and the CCO Issuers in forthcoming updates.</p>
</section>

<section>
  <h2>Company Information</h2>
  <p>Charter Communications, Inc. is the parent company for Charter and its subsidiaries. The press release originates from Stamford, Connecticut, and is distributed by PRNewswire.</p>
  <figure>
    <img src="https://mmx.prnewswire.com/media/MS672263/Charter-Communications-Logo.jpg?id=OA2901207" alt="Charter Logo" title="Charter Communications Logo" />
    <figcaption>Charter Communications Logo</figcaption>
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</section></article>

Charter announced the expiration and final results of two debt-exchange offers to swap old notes for New Senior Secured Notes due 2038 and 2041. Tender activity was modest: Pool 1 $84.4M (0.8%), Pool 2 $60.7M (0.6%). Final settlement is slated for August 24, 2026, with caps limiting total new-note issuance to $2B per series and a $614.423M sub-cap for the 4.5% notes.

News insight

Charter Announces Expiration And Final Results Of Debt Exchange Offers

AI summary

Sentiment rationale

Key facts

Corporate Developments