Charter Bonds Rise as Bright House Deal to Lower Debt Burden
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Charter Communications Inc. bonds rallied by the most in three months after the cable company said its $10.4 billion purchase of a majority stake in billionaire Si Newhouse Jr.’s Bright House Networks will lower its debt load.
Charter’s $2 billion of 5.75 percent notes due in December 2024 rose 1.25 cents to 103.375 cents on the dollar to yield 5.3 percent at 3:27 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. That’s the biggest increase since Dec. 17. The debt was sold in October at par.