Charter Communications' term loan "B" softened slightly to 98-98 1/2 from 98 1/2-99 last week after the company announced that Michael Huseby, executive v.p. and cfo, was resigning, market participants said. One or two trades could have taken place at 98 1/2, a dealer noted.
According to a Charter official, Huseby's resignation has no impact on the company's financials. Charter had bifurcated the cfo role, the official said. Huseby was in charge of the internal financials of the company while Derek Chang, executive v.p. of finance and strategy, handles market-related activities such as mergers and acquisitions, divestitures and capital raising activities, she explained. "The company point person for Wall Street is Chang," the official noted.
Charter said in a release that Huseby will be taking a position as cfo of Cablevision Systems Corp., adding that a replacement is expected to be named shortly. Chang joined Charter last December. He was previously at the Yankees Entertainment and Sports Network.