Charter Communications intends to refinance and expand its existing credit. Pending that, the company has released only preliminary results from its fourth quarter.
Charter expects revenues for the fourth quarter of 2006 of $1.4 billion, an increase of approximately 11.7 percent compared to the same period in 2005. Earnings are anticipated to be $503 million, an increase of approximately 10.3 percent compared to Q4 2005. Final results are scheduled to be reported on February 28.
Charter said it added 162,400 revenue generating units (RGUs) during the quarter, up from 138,200 last year. The company just missed balancing its loss of approximately 43,300 analog customers with a net gain of about 40,500 digital video customers.
Charter added approximately 59,000 high-speed Internet customers, which compares to a net gain of approximately 73,800 in the fourth quarter of 2005. It also gained approximately 106,200 phone subs.
As for the refinancing, Charter’s current credit facilities total $6.85 billion. The company is looking for just over $8 billion. That would include $1.5 billion in revolving credit, a $1 billion new term facility, a $5 billion refinancing loan and a $550 million second lien term loan.