Altice USA Announces Successful Pricing of New Term Loan
NEW YORK--(BUSINESS WIRE)--Feb 7, 2019--Altice USA, Inc. (NYSE: ATUS) (“ Altice USA ”), today announces that its wholly owned subsidiary CSC Holdings, LLC (“ CSC ”) successfully priced a new $1 billion 8.25-year Senior Secured Term Loan B maturing on April 15, 2027 (the “ Senior Secured Term Loan B ”), the proceeds of which are expected to be used to redeem $894.7 million in aggregate principal amount of CSC’s 10.125% Senior Notes due 2023, representing the entire aggregate principal amount outstanding, and paying related fees, costs and expenses with the remainder being used to fund cash on balance sheet. The new Senior Secured Term Loan B will have a margin of 300bps over Libor and was issued with an original issue discount of 100bps. Altice USA expects total annual interest cost savings of approximately $40 million resulting from this refinancing activity with the average cost of debt reducing from 6.2% to 6.0%. The weighted average life of Altice USA’s debt has been extended from 6.7 to 6.9 years as of September 30, 2018.
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About Altice USA
Altice USA (NYSE: ATUS) is one of the largest broadband communications and video services providers in the United States, delivering broadband, pay television, telephony services, proprietary content and advertising services to approximately 4.9 million Residential and Business customers across 21 states through its Optimum and Suddenlink brands.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: ENTERTAINMENT TV AND RADIO TECHNOLOGY TELECOMMUNICATIONS VOIP PROFESSIONAL SERVICES FINANCE COMMUNICATIONS ADVERTISING
SOURCE: Altice USA, Inc.
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PUB: 02/07/2019 09:39 AM/DISC: 02/07/2019 09:39 AM