Charter Climbs As Company Looks To Streamline

  • 15 Dec 2002
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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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%