Pali Capital’s Richard Greenfield posits a “meaningful upside” in Charter shares due to positive divergence of the MSO’s bonds and stock price, and because 88% of its existing convertible senior note holders agreed Thurs to exchange their existing 5.9% ’09 notes for 6.5% ’27 notes. As price changes in Charter’s bonds and share price typically mirror each other and its bond prices are now appreciably higher, Pali sees ample room for the share price to “catch up.” In addition, the high number of convert holders’ exchange offers allowed Charter to “virtually [eliminate] all of its [debt] maturities thru 2009,” wrote Greenfield. Charter shares closed Fri at $2.58, up 2.38%.

The Daily

Subscribe

Illinois ISP Faces CAF II Forfeiture

As lawmakers and industry groups call for the FCC to thoroughly vet winners of its $9.2 billion Rural Digital Opportunity Fund Phase 1 auction to avoid defaults seen in Connect American Fund Phase II auction

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up

Jobs

Seeking an INDUSTRY JOB? VIEW JOBS

Hiring? In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors, The result will be an even more robust industry job board, to help both employers and job seekers.

Contact John@cynopsis.com for more information.