43.7K Charter Subs Turning Orange (1 Viewer)

cablewithaview

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Apr 18, 2005
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Charter Communications Inc. said Wednesday that it has agreed to sell 43,700 subscribers in four states to Orange Broadband Holding Co. for an undisclosed sum.

The deal, which is expected to close in the third quarter, involves systems in northern and southeastern Nevada, Colorado, New Mexico and Utah. This marks the third sale of secondary market systems by Charter in the past four weeks.

In late February, Charter announced that it would sell 240,000 subscribers in West Virginia, Virginia, Kentucky and Ohio to Cebridge Connections for $770 million, as well as 76,000 customers in Kentucky and Illinois to NewWave Communications for about $126 million.

Denver-based cable investment banker Daniels & Associates and JPMorgan Securities Inc. are advising Charter in the transaction.

Charter said proceeds from the sale will be used to enhance liquidity and to pay down, but not permanently reduce, some of the outstanding amounts on its revolving-credit facility.

In a prepared statement, Charter CEO Neil Smit said the sale is consistent with its strategy to divest nonstrategic assets.

“As we’ve said previously, we will continue to assess opportunities to optimize our portfolio to enhance overall operating efficiency,” Smit added.

http://www.multichannel.com/article/CA6318058.html?display=Breaking+News
 

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