Charter Communications' bank debt traded up slightly to
98 5/8, from the 98 1/4 range, as market players report continued appetite for cable names. Volume was estimated to be small trades totaling roughly $10 million. Dealers report there's been decent liquidity in the paper as investors seek out stable industries. "People are interested in cable and media right now, because there's no volatility component," said a market player, noting a "gun-shy" attitude following the telecom fall and Enron debacle. Calls to Kent Kalkwarf, cfo, were referred to spokeswoman Colleen Haggerty, who declined to comment.
In early December, Charter's debt traded at 98 1/4 on the company's stable financial standing and the appetite for paper, according to dealers (LMW, 12/8). Charter has a $540 million deal that breaks down into three tranches and expires in 2007. Pricing is LIBOR plus 21/2 %. TD Securities is the lead arranger.