Charter Climbs As Company Looks To Streamline

  • 15 Dec 2002
Email a colleague
Request a PDF

Charter Communications strengthened this week after the company announced that it was pursuing a plan to streamline its operations. The bank debt had been trading in the 84 1/2 ­ 85 1/2 range, but firmed up to the 85 3/4 ­ 87 3/4 range. "The news was that they were going to consolidate and cut costs," said one trader, noting cash flow would likely improve. "I wouldn't be surprised to see it hit the 90s before the end of the year," noted another market player.

Charter officials gave a presentation at Credit Suisse First Boston's Media Week Conference last Tuesday. In the presentation, the company outlined goals for 2003 that include a focus on high margin, low churn products and free cash flow. In addition, the company is looking to reduce capital expenditure and debt. Calls to the company were not returned by press time.

The operational changes include the reorganization of the company's business into five divisions, grouped by geographical location. The streamlining process will also include a number of layoffs. In a written statement, Charter CEO Carl Vogel said the changes would "eliminate management layers and reduce redundancy."

  • 15 Dec 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%