Charter discloses free cash flow and pledging plans; commissioners press on layoffs and headquarters
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Summary
In PURA hearings Nov. 21, Charter said last‑12‑months free cash flow was about $5.2 billion and described plans to fold Cox assets into existing secured financings; commissioners and OCC pressed on layoffs, Connecticut employee counts and the likelihood the combined headquarters will remain in Stamford.
During the Nov. 21 evidentiary hearing, PURA examiners asked Charter about financial capacity, projected cash flow and whether Cox assets would be pledged under the same financing umbrella post‑closing.
A finance witness for the applicants gave a 12‑month free cash flow figure for Charter as of Sept. 30, 2025 of approximately $5.2 billion and said unlevered free‑cash forecasts through 2031 are provided in the company proxy and an 8‑K. He said the applicants’ current intention is that Cox assets would be contributed beneath Charter Communications Operating LLC and would mirror existing secured pledges to institutional holders and bank facilities.
The Office of Consumer Counsel probed recent public reporting of layoffs and call‑center closures. Charter said reductions were largely outside Connecticut and described severance and placement efforts; the company agreed to update its Connecticut employee counts in a late‑filed exhibit, noting some employee data were filed confidentially.
Commissioners asked whether the combined company plans to retain a Stamford headquarters; Charter reiterated its public statements that it expects to keep headquarters in Connecticut but declined to commit to a fixed time horizon.
PURA ordered late‑filed exhibits to document pledging commitments provided to other state commissions, updated employee counts in Connecticut, and the companies’ post‑merger financing arrangements to ensure the authority can evaluate potential impacts to operations and consumer service.