Charter Wobbles On Latest Numbers

Charter Communications' bank debt slipped in trading after the company announced it has lost subscribers.

  • 08 Oct 2004
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Charter Communications' bank debt slipped in trading after the company announced it has lost subscribers. The "B" loan was trading actively at 99 1/4, which is between 1/8-1/4 point down, said a trader. The "A" loan saw less action and was quoted unchanged at 98 1/8. A spokesman declined comment. According to the company's 8-K, revenue growth was primarily offset by increased programming, customer care and service related expenditures, resulting in compression of the adjusted EBITDA margin.

The drop is alongside news that Charter may issue equity to back a purchase of a piece or all of Adelphia Communications, which is being auctioned at the end of the month as part of its bankruptcy process. A move by Charter to decrease leverage would be a boon to investors. Charter faces a heavy debt redemption burden next year and needs to raise cash. "Available options include an over-equitized purchase of assets by Paul Allen, a rights offering or exchanges for debt instruments," said Aryeh Bourkoff, managing director and cable/satellite analyst at UBS.

  • 08 Oct 2004

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) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,113.97 30 12.52%
2 Barclays 7,732.29 21 10.62%
3 Bank of America Merrill Lynch 7,473.95 24 10.26%
4 JPMorgan 7,225.34 25 9.92%
5 Wells Fargo Securities 6,258.35 24 8.59%