Charter Communications Inc. (NASDAQ: CCMM) announced Wednesday two of its subsidiaries plan to buy back and retire $1.57 billion of debt, according to Associated Press.
The debt was scheduled to come due in the next few years in order to reduce its interest payments.
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CCO Holdings LLC launched a tender offer to repurchase $800 million of senior notes due 2013 carrying an interest rate of 8.75 percent. Charter Communications Operating LLC plans to buy back $770 million of senior second lien notes due 2014 at 8.375 percent.
The offer will expire at 11:59 p.m. EDT on May 11, unless extended or shortened.
Charter plans to fund the tender offer by issuing $1.6 billion of new debt, in two segments of senior notes maturing in 2018 and 2020.
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