Charter Communications Inc. plans to issue $1 billion in senior notes to help pay down its debt and pay for general corporate expenses.

The Town & Country-based company announced Monday that the senior notes due in 2017 will be sold to institutional buyers. The notes will have an annual interest rate of 7.25 percent.

Earlier in the day, Charter said it planned to issue $750 million in senior notes, but upped the amount to $1 billion due to demand for the notes, said spokesperson Anita Lamont.

 

Charter - the fourth-largest cable operator in the nation with 5.5 million cable, phone and Internet customers - emerged from Chapter 11 bankruptcy in November 2009.

Charter eliminated $8 billion in debt during its financial restructuring but still has $12.9 billion in debt remaining.