Charter Communications Issues $3.313B of New Secured Notes in Early Exchange Settlement

What Happened

• Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. (the Issuers) announced on August 12, 2026 the early settlement of previously announced private exchange offers. The Issuers issued $1,686,285,000 of new 7.087% Senior Secured Notes due 2038 (the “2038 Notes”) and $1,627,538,000 of new 7.337% Senior Secured Notes due 2041 (the “2041 Notes”), for a total of $3,313,823,000 in aggregate principal.
• The Issuers entered into a Twenty-Seventh Supplemental Indenture (under the existing 2015 base indenture) and a Registration Rights Agreement with the dealer managers to document the Notes and related rights. The Notes are senior secured obligations, guaranteed on a senior secured basis by CCO Holdings, LLC (the Parent Guarantor) and certain subsidiary guarantors.

Key Details

• Coupon and maturity: 7.087% due March 1, 2038 (2038 Notes); 7.337% due March 1, 2041 (2041 Notes). Interest payable March 1 and September 1, beginning March 1, 2027.
• Redemption: Issuers may redeem each series prior to June 1 of the year preceding maturity at par plus accrued interest and a make-whole premium; on or after June 1 of the year of maturity, redemption is at 100% of principal plus accrued interest.
• Security and guarantees: Notes and guarantees are senior secured, pari passu, first-priority liens on collateral that also secures the Issuers’ credit agreement (subject to permitted liens).
• Registration rights: Issuers agreed to file and consummate registered exchange offers (or shelf registrations) within specified timeframes (450 days) or owe additional interest to holders (0.25% p.a. for first 90 days of any registration default, rising to 0.5% p.a. thereafter).

Why It Matters

• This filing shows Charter completed a significant debt exchange, replacing older long-dated notes with newly issued secured notes carrying higher coupons (7.087% and 7.337%) and specific collateral and guarantee protection — relevant to bondholders and credit analysts assessing Charter’s debt profile and secured leverage.
• Registration rights and potential penalty interest mean holders will likely receive registered securities within the coming year and Charter faces modest financial incentives to meet those filing deadlines. The security and guarantee structure may affect recovery expectations for secured creditors compared with unsecured holders.