Charter to receive $9bn from banks for acquiring nearly 1.4mn TWC subscribers from Comcast
In a development which will help Charter Communications fund its planned acquisition of nearly 1.4 million Time Warner Cable (TWC) subscribers from Comcast, Charter revealed in a Friday statement that a number of banks have committed to grant the company a total funding of approximately $9 billion.
Charter has revealed in a regulatory filing with the Securities and Exchange Commission (SEC) that it will receive incremental senior loan facilities of up to $8.4 billion, as well as a senior incremental revolving facility of $500 million, from Goldman Sachs Bank USA, Bank of America, Credit Suisse AG and Deutsche Bank AG New York Branch.
Connecticut-based Charter will have to borrow $9 billion from the banks to facilitate the materialization of the company deal with Comcast.
Under the terms of the deal, which was signed in April, Comcast will divest millions of subscribers so as to gain regulatory approval of its pending $45.2 billion acquisition of TWC.
The Federal Communications Commission (FCC)'s ruling on the Comcast-TWC merger is expected in January 2015. If the FCC approves Comcast's acquisition of TWC, Charter's video customer base will increase from 4.4 million to approximately 5.7 million.
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