Charter Communications Issues $4.75B Senior Secured Notes

What Happened

• Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. announced on August 18, 2026 that they issued $4.75 billion of senior secured notes across four series: $1.75B 6.050% due 2032, $1.00B 6.600% due 2034, $1.00B 6.950% due 2036 and $1.00B 7.850% due 2056.
• The issuance was made under a Form S-3 shelf and a prospectus supplement dated August 6, 2026; interest on all series is payable each February 15 and August 15 beginning February 15, 2027. The Issuers also entered into a Twenty‑Eighth Supplemental Indenture to the existing base indenture governing the notes.

Key Details

• Total principal issued: $4.75 billion (2032: $1.75B; 2034: $1.00B; 2036: $1.00B; 2056: $1.00B).
• Coupon rates and maturities: 6.050% (2032), 6.600% (2034), 6.950% (2036), 7.850% (2056).
• Redemption: each series is redeemable prior to specified dates at 100% of principal plus accrued interest and a make‑whole premium; after those dates notes are redeemable at par (specific pre‑redemption cutoff dates are in the filing).
• Security and guarantees: the notes are senior secured obligations, guaranteed on a senior secured basis by CCO Holdings, LLC and certain subsidiary guarantors, and secured by a pari passu, first‑priority security interest in assets that secure the company’s credit agreement (subject to permitted liens).

Why It Matters

• This transaction adds $4.75B of secured debt to Charter’s capital structure, with fixed interest costs through long-dated maturities (2032–2056). Investors should note the coupons, which set the company’s interest expense for these tranches and affect cash interest payments.
• The notes are secured and pari passu with other secured creditors tied to the company’s credit agreement, which matters for creditor priority in a downside scenario. Redemption terms and the long maturities give Charter flexibility on refinancing timing but also commit the company to higher fixed interest rates compared with recent short‑term market rates.
• For further details, see the supplemental indenture, note forms and the Company’s press release filed as exhibits to the 8‑K.