CSC Holdings, LLC (the “Borrower”) has announced the pricing and allocation of a new USD 1,500.0 million incremental term loan facility (the “Term Loans”) under its existing credit agreement originally dated as of October 9, 2015, as amended, restated, modified or supplemented from time to time, the company said.
The Borrower is an indirect, wholly owned subsidiary of Altice USA, Inc. (“Altice USA”).
The Term Loans will be priced at 99.50% and will mature in January 2026. The Term Loans may be comprised of eurodollar borrowings or alternate base rate borrowings, and will bear interest at a rate per annum equal to the adjusted LIBO rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 1.50% per annum and (ii) with respect to any eurodollar loan, 2.50% per annum.
The proceeds of the Term Loans will be used, together with proceeds from the Borrower´s anticipated offering of senior guaranteed notes (the “Notes”), borrowings under the Borrower´s revolving credit facility and cash on balance sheet, to (i) refinance certain existing indebtedness of the Borrower and Cablevision Systems Corporation (“Cablevision”), the direct parent of the Borrower, and (ii) fund a dividend of USD 1,500.0 million to Altice USA (through Cablevision). Altice USA is expected to use such proceeds to fund a dividend to its stockholders immediately prior to and in connection with the separation of Altice USA from its controlling stockholder, Altice N.V.
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. Altice delivers live broadcast premium sports events and enables millions of customers to enjoy the most well-known media and entertainment. Altice innovates with technology in its Altice Labs across the world. Altice links brands to audiences through premium advertising solutions. Altice is also a global provider of enterprise digital solutions to millions of business customers. Altice is present in 10 territories from New York to Paris, from Tel Aviv to Lisbon, from Santo Domingo to Geneva, from Amsterdam to Dallas. Altice (ATC & ATCB) is listed on Euronext Amsterdam.