InvestorsMay 11, 2001
Charter Communications Announces Projected Funding Needs are Satisfied
ST. LOUIS--(BUSINESS WIRE)--May 11, 2001--Charter Communications Holdings, LLC and Charter Communications Holdings Capital Corporation, subsidiaries of Charter Communications, Inc. (Nasdaq:CHTR), today announced the amendment of their $2 billion 2001 senior bridge loan facility. After giving effect to this amendment and the sale of the $1.5 billion Senior and Senior Discount Notes (the "Notes") announced on May 10, 2001, the bridge loan availability will be approximately $1 billion. This amendment, together with the proceeds from the sale of the Notes, will provide sufficient capital to satisfy Charter's previously projected funding shortfall of $300 million to $500 million, if Charter were to borrow the full amount available under the bridge loan facility.
Charter Communications, a Wired World(TM) company, is among the nation's largest broadband communications companies, currently serving some 6.4 million customers in 40 states. Charter provides a full range of advanced broadband services to the home, including cable television under the Charter Cable TV brand; advanced digital video programming services under the Charter Digital Cable(TM) brand; and high-speed Internet access via Charter Pipeline(TM). Commercial high-speed data, video and Internet solutions are provided under the Charter Business Networks(TM) brand. Advertising sales and production services are sold under the Charter Media(TM) brand.
A Fortune 500 company, Charter is the 2001 recipient of the Outstanding Corporate Growth Award from the Association for Corporate Growth, the 2001 R.E. "Ted" Turner Innovator of the Year Award from the Southern Cable Telecommunications Association, and the 2000 Innovator Award for Technology from Cablevision Magazine.
More information about Charter can be found at www.charter.com.
Statements in this press release regarding Charter Communications' business that are not historical facts may be "forward-looking statements." Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in the reports and documents Charter files from time to time with the U.S. Securities and Exchange Commission.
|CONTACT:||Charter Communications, Inc., St. Louis|
|Andy Morgan, 314/543-2217|
|Mary Jo Moehle, 314/543-2397|