GCI Liberty Announces $350 Million Offering of Proposed New Senior Notes Due 2028
23 Settembre 2020 - 2:28PM
Business Wire
GCI Liberty, Inc. (Nasdaq: GLIBA, GLIBP) announced today that
its wholly-owned subsidiary, GCI, LLC (the “Issuer”), intends to
issue $350 million of new senior notes due 2028 (the “2028 Notes”)
in a private offering. The 2028 Notes will be unsecured obligations
of the Issuer. The net proceeds of the offering, together with cash
on hand and net proceeds from expected incremental borrowings under
the Issuer’s senior credit facility, will be used to fund the
redemption of all $450 million aggregate outstanding principal
amount of the Issuer’s 6.875% Senior Notes due 2025 (the “2025
Notes”).
The Issuer will make the offering pursuant to an exemption under
the Securities Act of 1933, as amended (the “Securities Act”). The
initial purchasers will offer the 2028 Notes only to persons
reasonably believed to be Qualified Institutional Buyers as
permitted under Rule 144A under the Securities Act, or to certain
persons outside the United States in reliance on Regulation S under
the Securities Act. The 2028 Notes have not been and will not be
registered under the Securities Act or any state securities laws
and may not be offered or sold in the United States absent
registration under such laws or applicable exemptions from such
registration requirements.
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy the 2028 Notes, nor shall there be any sales of 2028 Notes in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This press release shall
not constitute a notice of redemption with respect to the 2025
Notes.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including without limitation, statements about the
completion of the offering, incremental borrowings under the
Issuer’s senior credit facility and the use of proceeds from the
offering, including the proposed redemption of the 2025 Notes.
These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including,
without limitation, general market conditions. These
forward-looking statements speak only as of the date of this press
release, and GCI Liberty, Inc. and the Issuer expressly disclaim
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to
reflect any change in their expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of
GCI Liberty, Inc. and the Issuer, including their respective most
recent Forms 10-K and 10-Q, for additional information about GCI
Liberty, Inc. and the Issuer and about the risks and uncertainties
related to their businesses which may affect the statements made in
this press release.
About GCI Liberty Inc.
GCI Liberty, Inc. (Nasdaq: GLIBA, GLIBP) operates and owns
interests in a broad range of communications businesses. GCI
Liberty’s assets consist of its subsidiary GCI Holdings, LLC
(“GCI”) and interests in Charter Communications, Liberty Broadband
Corporation and Lending Tree. GCI is Alaska’s largest
communications provider, providing data, wireless, video, voice and
managed services to consumer and business customers throughout
Alaska and nationwide. GCI has delivered services for nearly 40
years to some of the most remote communities and in some of the
most challenging conditions in North America.
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