Charter Communications continued to climb as the company is said to be pursuing an amendment that will give lenders extra juice. Market players said Charter is offering an extra 50 basis points for "B" loan commitments and approximately 75 basis points on the pro rata. The term loan "B" traded in the 933/4 941/2 range last Monday, climbing up from the 92 context where it traded two weeks ago.
Traders said the name also got a boost from asset sales, which set the value of each subscriber between $3,000-3,500. A Charter spokesman noted that the sale of the company's Port Orchard, Wash. system to WaveDivision Holdings valued each customer at $3,600. Meanwhile, there continue to be rumors in the public markets that some type of debt to equity swap could be in Charter's future, but no concrete details could be determined. The spokesman declined to comment on rumor.