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EXHIBIT 99.1
[CHARTER COMMUNICATIONS LOGO]
NEWS
FOR RELEASE: Friday, January 5, 2001
CHARTER COMMUNICATIONS TO ISSUE $1.75 BILLION
SENIOR AND SENIOR DISCOUNT NOTES
Proceeds increase from $850 million originally sought
ST. LOUIS - Charter Communications Holdings, LLC and Charter
Communications Holdings Capital Corporation, subsidiaries of Charter
Communications, Inc. (Nasdaq: CHTR), today announced they had entered into an
agreement to sell $900 million of 10.75% Senior Notes due 2009, $500 million of
11.125% Senior Notes due 2011 and $350.6 million of 13.5% Senior Discount Notes
due 2011 with a principal at maturity of $675 million. The sale of the notes
will provide gross proceeds to the issuers of approximately $1.75 billion. The
transaction size was increased from the $850 million originally sought by the
issuers.
The net proceeds of this issuance will be used to repay $272.5 million
that remains outstanding under the August 2001 $1 billion senior bridge loan of
Charter Communications Holdings, LLC and to repay a portion of amounts
outstanding under certain revolving credit facilities. The offering is expected
to close on January 10, 2001.
The Notes are being sold to qualified institutional buyers in reliance
on Rule 144A. The Notes will not be registered under the Securities Act of
1933, as amended (the "Securities Act"), and, unless so registered, may not be
offered or sold in the United States expect pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of the Notes in any state in which such offer,
solicitation or sale would be unlawful proir to registration or qualification
under the securities laws of any such state.
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CHARTER, PAGE 2
With 6.3 million customers, Charter Communications, a Wired World(TM)
company, is among the nation's largest broadband communications companies.
Charter offers an array of advanced broadband services, including cable
television under the Charter Cable TV(TM) brand, advanced digital video
programming services under the Charter Digital Cable(TM) brand, and high-speed
Internet access via Charter Pipeline(TM). Charter's Class A common stock is
traded on the Nasdaq National Market under the ticker symbol "CHTR." More
information about Charter can be found on the internet at www.chartercom.com
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Statements in this press release regarding Charter
Communications' business that are not historical facts may be
"forward-looking statements." Forward-looking statements are
inherently subject to risks, uncertainties and assumptions. Important
factors that could cause actual results to differ materially from any
such forward-looking statements are identified in the reports and
documents Charter files from time to time with the U.s. Securities and
Exchange Commission.
CONTACTS:
MEDIA ANALYST
Charter Communications Charter Communications
Anita Lamont, 314-543-2215 Mary Jo Moehle, 314-543-2397
[email protected] [email protected]
