Charter 2012 Annual Report Download - page 91

Download and view the complete annual report

Please find page 91 of the 2012 Charter annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 126

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2012, 2011 AND 2010
(dollars in millions, except share or per share data or where indicated)
F- 16
However, the amount that is currently payable if the debt becomes immediately due is equal to the principal amount of the debt.
The Company has availability under its credit facilities of approximately $960 million as of December 31, 2012, and as such, debt
maturing in the next twelve months is classified as long-term.
CCH II Notes
In October 2012, the Company redeemed $678 million aggregate principal amount of the CCH II 13.500% senior notes due 2016
at 108.522% of the principal amount. In November 2012, the Company redeemed the remaining $468 million aggregate principal
amount of CCH II 13.500% senior notes due 2016 at 106.75% of the principal amount. The transactions resulted in a gain on
extinguishment of debt of approximately $52 million for the year ended December 31, 2012.
CCO Holdings Notes
In April 2010, CCO Holdings and CCO Holdings Capital Corp. closed on transactions in which they issued $900 million aggregate
principal amount of 7.875% senior notes due 2018 and $700 million aggregate principal amount of 8.125% senior notes due 2020.
The net proceeds were used to finance the tender offers and redemptions in which $800 million principal amount of CCO Holdings'
outstanding 8.75% senior notes due 2013 and $770 million principal amount of Charter Operating’s outstanding 8.375% senior
second lien notes due 2014 were repurchased. The transactions resulted in a loss on extinguishment of debt of approximately $34
million for the year ended December 31, 2010.
In September 2010, CCO Holdings and CCO Holdings Capital Corp. closed on transactions in which they issued $1.0 billion
aggregate principal amount of 7.250% senior notes due 2017. The proceeds were used in October to repay amounts outstanding
under the Charter Operating credit facilities. The transaction resulted in a loss on extinguishment of debt of approximately $34
million for the year ended December 31, 2010.
In January 2011, CCO Holdings, LLC ("CCO Holdings") and CCO Holdings Capital Corp. closed on transactions in which they
issued $1.4 billion aggregate principal amount of 7.000% senior notes due 2019. The net proceeds of the issuances were contributed
by CCO Holdings to Charter Communications Operating, LLC ("Charter Operating") as a capital contribution and were used to
repay indebtedness under the Charter Operating credit facilities. The Company recorded a loss on extinguishment of debt of
approximately $67 million for the year ended December 31, 2011 related to these transactions.
In May 2011, CCO Holdings and CCO Holdings Capital Corp. closed on transactions in which they issued $1.5 billion aggregate
principal amount of 6.500% senior notes due 2021. The net proceeds of the issuances were contributed by CCO Holdings to Charter
Operating as a capital contribution and intercompany loan and were used to repay indebtedness under the Charter Operating credit
facilities. The Company recorded a loss on extinguishment of debt of approximately $53 million for the year ended December 31,
2011 related to these transactions.
In December 2011, CCO Holdings and CCO Holdings Capital Corp. closed on transactions in which they issued $750 million
aggregate principal amount of 7.375% senior notes due 2020 ("CCO Holdings 2020 Notes"). The net proceeds of the issuances
were used, along with borrowings under the Charter Operating credit facilities, to finance the tender offers in which $407 million
aggregate principal amount of Charter Operating's outstanding 8.000% senior second-lien notes due 2012, $234 million aggregate
principal amount of Charter Operating's 10.875% senior second-lien notes due 2014 and $286 million aggregate principal amount
of CCH II's 13.500% senior notes due 2016 were repurchased. These transactions resulted in a loss on extinguishment of debt for
the year ended December 31, 2011 of approximately $19 million.
In January 2012, CCO Holdings and CCO Holdings Capital Corp. closed on transactions in which they issued $750 million
principal amount of 6.625% senior notes due 2022. The notes were issued at a price of 99.5% of the aggregate principal amount.
The net proceeds of the notes were used, along with a draw on the $500 million delayed draw portion of the Charter Operating
Term Loan A facility, to repurchase $300 million aggregate principal amount of Charter Operating's outstanding 8.000% senior
second-lien notes due 2012, $294 million aggregate principal amount of Charter Operating's 10.875% senior second-lien notes
due 2014 and $334 million aggregate principal amount of CCH II's 13.500% senior notes due 2016, as well as to repay amounts
outstanding under the Company's revolving credit facility. The tender offers closed in January and February 2012 and the Company
recorded a loss on extinguishment of debt of approximately $15 million on this transaction for the year ended December 31, 2012.