Exhibit
99.1
NEWS
Charter
Announces Results of Private Debt Exchange Offer
$338
million validly tendered
St. Louis, Missouri – June 30,
2008 – Charter Communications, Inc. (Nasdaq: CHTR) (“Charter”) announced
today that as of 11:59 PM ET, on June 27, 2008 (the “Expiration Date”),
approximately $338 million aggregate principal amount of 10.25% Senior Notes due
2010 (the “Old Notes”) issued by its subsidiaries, CCH II, LLC and CCH II
Capital Corp. (collectively, “CCH II”), had been validly tendered in
exchange for additional CCH II 10.25% Senior Notes due 2013 (the “New
Notes”).
Based on
the “modified Dutch auction” process described in the Confidential Offering
Memorandum dated May 29, 2008, the clearing exchange ratio for the Offer is
$1,077.50 principal amount of New Notes per $1,000 principal amount of Old
Notes. Accordingly, approximately $364 million in principal amount of New Notes
will be issued to holders whose Old Notes were accepted for exchange. Holders
will also receive accrued and unpaid interest to, but not including, the
settlement date, which is expected to be on or about July 2, 2008.
The New
Notes have not been registered under the Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offering, solicitation or sale would be
unlawful.
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About
Charter Communications®
Charter
Communications, Inc. is a leading broadband communications company and the
third-largest publicly traded cable operator in the United States. Charter
provides a full range of advanced broadband services, including advanced Charter
Digital(R) video entertainment programming, Charter High-Speed(TM) Internet
access service, and Charter Telephone(TM) services. Charter Business(TM)
similarly provides scalable, tailored and cost-effective broadband
communications solutions to business organizations, such as business-to-business
Internet access, data networking, video and music entertainment services and
business telephone. Charter's advertising sales and production services are sold
under the Charter Media(R) brand. More information about Charter can be found at
www.charter.com .
# # #
Contact:
Investors Media
Marty
Richmond Anita
Lamont
(314)
543-5621 (314)
543-2215
Cautionary
Statement Regarding Forward-Looking Statements:
This
release includes forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, regarding, among other things, our plans,
strategies and prospects, both business and financial. Although we believe that
our plans, intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, we cannot assure you that we will
achieve or realize these plans, intentions or expectations. Forward-looking
statements are inherently subject to risks, uncertainties and assumptions
including, without limitation, the factors described under "Risk Factors" from
time to time in our filings with the Securities and Exchange Commission ("SEC").
Many of the forward-looking statements contained in this release may be
identified by the use of forward-looking words such as "believe," "expect,"
"anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim,"
"on track," "target," "opportunity" and "potential," among others. Important
factors that could cause actual results to differ materially from the
forward-looking statements we make in this release are set forth in other
reports or documents that we file from time to time with the SEC, and include,
but are not limited to:
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the
availability, in general, of funds to meet interest payment obligations
under our debt and to fund our operations and necessary capital
expenditures, either through cash flows from operating activities, further
borrowings or other sources and, in particular, our ability to fund debt
obligations (by dividend, investment or otherwise) to the applicable
obligor of such debt;
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our
ability to comply with all covenants in our indentures and credit
facilities, any violation of which, if not cured in a timely manner, could
trigger a default of our other obligations under cross-default
provisions;
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our
ability to pay or refinance debt prior to or when it becomes due and/or
refinance that debt through new issuances, exchange offers or otherwise,
including restructuring our balance sheet and leverage
position;
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the
impact of competition from other distributors, including incumbent
telephone companies, direct broadcast satellite operators, wireless
broadband providers, and digital subscriber line ("DSL")
providers;
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difficulties
in growing, further introducing, and operating our telephone services,
while adequately meeting customer expectations for the reliability of
voice services;
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our
ability to adequately meet demand for installations and customer
service;
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our
ability to sustain and grow revenues and cash flows from operating
activities by offering video, high-speed Internet, telephone and other
services, and to maintain and grow our customer base, particularly in the
face of increasingly aggressive
competition;
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our
ability to obtain programming at reasonable prices or to adequately raise
prices to offset the effects of higher programming
costs;
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general
business conditions, economic uncertainty or slowdown, including the
recent significant slowdown in the new housing sector and overall economy;
and
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the
effects of governmental regulation on our
business.
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All
forward-looking statements attributable to us or any person acting on our behalf
are expressly qualified in their entirety by this cautionary
statement.