Cequel Communications Holdings I, LLC and Cequel Capital Corporation (the “Co-Issuers”) have announced the pricing of an offering of USD 1,050 million in aggregate principal amount of their Senior Notes due 2028, the company said.
The Notes will bear interest at a rate of 7.500% and will pay interest semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2018. The Notes will mature on April 1, 2028. The Offering is expected to close on or about April 5, 2018, subject to customary closing conditions. The Co-Issuers are indirect, wholly owned subsidiaries of Altice USA, Inc. (“Altice USA”; NYSE: ATUS).
The proceeds from the Offering, together with cash on hand, are expected to be used to redeem the USD 1,050 million aggregate principal amount outstanding of the Co-Issuers existing 6.375% Senior Notes due 2020 and to pay fees, costs and expenses in connection therewith.
Altice USA (NYSE: ATUS), the US business of Altice N.V. (Euronext: ATC, ATCB), is one of the largest broadband communications and video services providers in the United States, delivering broadband, pay television, telephony services, Wi-Fi hotspot access, proprietary content and advertising services to approximately 4.9 million residential and business customers across 21 states through its Optimum and Suddenlink brands.
Founded in 2001 by entrepreneur Patrick Drahi, Altice is a convergent global provider of telecom, content, media, entertainment and advertising. Altice delivers innovative, customer-centric products and solutions that connect and unlock the limitless potential of its over 50 million customers over fiber networks and mobile broadband. The company enables millions of people to live out their passions by providing original content, high-quality and compelling TV shows, and international, national and local news channels.