Charter to Offer for Sale $1.25 Billion in Stock
Reuters
Charter Communications Inc., the No. 4 U.S. cable television operator, said it intends to offer for sale about $1.25 billion of Class A common stock and $500 million of convertible senior notes, due in 2006.
The offering by the St. Louis-based company, which is controlled by Microsoft Corp. co-founder Paul Allen, would translate to about 52.4 million shares.
The company had 233.8 million Class A shares outstanding as of May 3, according to a filing with the Securities and Exchange Commission.
Charter sold $1.5 billion of junk bonds Thursday to buy cable systems from No. 1 rival AT&T; Broadband.