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Entries in Show Me the Money (36)

Thursday
Dec152011
DateThursday, December 15, 2011 at 10:40AM

Charter Closes $750M Senior Notes, Announces Tender Offer Results

Source: Charter Press Release

Charter Communications, Inc. (Nasdaq:CHTR) announced that its subsidiaries, CCO Holdings, LLC and CCO Holdings Capital Corp., closed on the sale of $750 million in aggregate principal amount of senior unsecured notes due 2020. The notes bear an interest rate of 7.375 percent per annum and were issued at a price of 100 percent of the aggregate principal amount.

The notes resulted in net proceeds to the Company of approximately $740.25 million after deducting underwriting discounts and commissions. Charter intends to use the net proceeds from the sale of the notes and borrowings under its revolving credit facility to finance the tender offers for certain of Charter Communications Operating, LLC's 8.00% and 10.875% second lien notes and certain of CCH II, LLC's 13.50% senior notes.

Charter also announced announced the results of the tender offers by its subsidiaries, Charter Communications Operating, LLC and CCH II, LLC, commenced November 30, 2011 for the outstanding debt securities and tendered and not withdrawn by the Early Tender Date.

The Early Tender Date for the cash tender offers was 5:00 p.m., New York City time, on Tuesday, December 13, 2011, with holders of approximately $407 million aggregate principal amount of Charter Operating's 8.00% second lien notes, $234 million aggregate principal amount of Charter Operating's 10.875% second lien notes and $668 million aggregate principal amount of CCH II's 13.50% senior notes having validly tendered their Notes. The aggregate purchase price  will not exceed $1.0 billion. The 2012 Notes validly tendered at or prior to the Early Tender Date were accepted for purchase, December 14, 2011.

Each tender offer is scheduled to expire at 11:59 p.m. EST, on December 28, 2011.

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Wednesday
Dec142011
DateWednesday, December 14, 2011 at 10:46AM

Clearwire Announces Closing of Transactions Totaling $734M in Gross Proceeds

Source: Clearwire Press Release

Clearwire Corporation (Nasdaq:CLWR) announced that it has closed its public offering of 201,250,000 shares of Class A common stock at $2.00 per share originally announced on December 5, 2011, comprised of 175,000,000 shares of Class A common stock initially offered and an additional 26,250,000 shares of Class A common stock sold pursuant to the underwriters' exercise of their over-allotment option. The successful offering will provide Clearwire with net proceeds of $384.1 million, after underwriters' discounts and commissions.

In addition, Sprint has exercised its preemptive rights to purchase 173,635,000 shares of Class B Common Stock and a corresponding number of Class B units in Clearwire Communications LLC, which will provide Clearwire with an additional $331.4 million in net proceeds. The total net new capital available to Clearwire following today's closings is $715.5 million.

On December 1, 2011, Clearwire and Sprint announced agreements whereby, among other things, Sprint committed to provide additional equity funding to Clearwire in connection with a public offering meeting certain requirements. Today's exercise of preemptive rights by Sprint satisfies its commitment.

Clearwire plans to use the net proceeds for general corporate and working capital purposes, including the deployment of mobile 4G LTE technology alongside the mobile 4G WiMAX technology currently on its network, and for the operation and maintenance of its networks, and to pay fees and expenses associated with this offering.

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Tuesday
Dec132011
DateTuesday, December 13, 2011 at 7:00AM

Clearwire Announces Exercise of Option to Purchase $52.5m Shares

Source: Clearwire Press Release

Clearwire Corporation (Nasdaq:CLWR) announced that the underwriters exercised their option to purchase an additional $52.5 million, or 26,250,000 shares, of Clearwire's Class A Common Stock in the previously announced $350.0 million public offering of Clearwire's Class A Common Stock, resulting in a total sale to the public of 201,250,000 shares of Class A Common Stock. Both the initial shares and the optional shares are expected to be issued and delivered on December 13, 2011.

Clearwire plans to use the net proceeds for general corporate and working capital purposes, including the deployment of mobile 4G LTE technology alongside the mobile 4G WiMAX technology currently on its network and for the operation and maintenance of its networks and to pay fees and expenses associated with this offering.

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Thursday
Dec082011
DateThursday, December 8, 2011 at 8:35AM

Clearwire Upsizes Public Offering of Common Stock

 Source: Clearwire Press Release

Clearwire Corporation (Nasdaq:CLWR) announced that its previously announced public offering of its Class A Common Stock has been upsized from $300.0 million to $350.0 million. The offering has priced at $2.00 per share to the public, and 175,000,000 shares are being offered. Clearwire has also granted the underwriters a 30-day option to purchase up to an additional $52.5 million, or 26,250,000 shares, of its Class A Common Stock. The offering is expected to close on December 13, 2011.

In addition, Sprint Nextel Corporation agreed to exercise its pro rata preemptive rights with respect to the offering in the Commitment Agreement between Clearwire and Sprint, dated November 30, 2011.  Upon such exercise, Sprint will purchase, in a separate, private transaction, approximately 172 million additional shares of Clearwire's Class B Common Stock and a corresponding number of Class B Common Interests in Clearwire's wholly-owned subsidiary, Clearwire Communications, LLC.

Clearwire plans to use the net proceeds for general corporate and working capital purposes, including the deployment of mobile 4G LTE technology alongside the mobile 4G WiMAX technology currently on its network and for the operation and maintenance of its networks and to pay fees and expenses associated with this offering.

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Wednesday
Dec072011
DateWednesday, December 7, 2011 at 9:45AM

Zayo Completes Latest Round of Fund Raising with $315M Term Loan

Source: Zayo Press Release

Zayo Group announced that it has completed its latest round of fund raising totaling $315 million in a five-year term loan.  The loan was marketed by RBC Capital Markets, Barclays Capital and SunTrust and allocated to 25 institutional investors.   Strong demand for this debt instrument led to upsizing the amount from an initially marketed $295M. 

The funds will be used to complete the recently announced $345M acquisition of 360 networks.  The remainder of the purchase price and transaction expenses will be funded with cash on hand.

Following the 360networks acquisition, Zayo’s pro-forma combined indebtedness as of September 30, 2011 is approximately $710.5 million, versus an estimated pro forma Adjusted EBITDA of $197.0 million, for leverage of 3.6x, according to a filing the Company made with the SEC on November 15, 2011. 

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