Altice NV: Altice announces successful refinancing of existing debt of its Optimum credit pool, pricing $2.5 billion of Senio...
September 12 2016 - 1:00AM
Altice announces successful
refinancing of existing debt of its Optimum credit pool, pricing
$2.5 billion of Senior Secured Term Loan B and $1.31 billion of
Senior Guaranteed Notes
September 12, 2016 - Altice
N.V. (Euronext: ATCA, ATCB) announces that CSC Holdings, LLC
(''Optimum'') has successfully priced $2.5 billion of 8-year Senior
Secured Term Loan B and $1.31 billion of 10.5-year Senior
Guaranteed Notes (Non-Call 5.5) in a Rule 144A / Regulation S
offering to institutional investors. Closing of the new
financing is subject to customary closing conditions and the
proceeds will be used by Optimum to refinance the entire $3.8
billion principal amount of loans under Optimum's existing Term
Loan Facility that matures in October 2022.
Following the consummation of the
refinancing, the average maturity of Optimum's capital
structure has been materially extended from 5.9 years to 6.6 years,
strengthening Altice's liquidity profile. The weighted average cost
of Optimum's debt will decrease from 7.4% to 7.2%.
The new Senior Secured Term Loan B, which was
upsized in-market, will have a margin of 300bps over Libor, a 75bps
Libor floor and be issued at an OID of 99.75. This represents a
significant reduction to the existing Term Loan margin of 400bps
over Libor and the 100bps Libor floor. The new Senior Guaranteed
Notes will have a coupon of 5.50%.
Dennis Okhuijsen, CFO of Altice
Group, said: "Following the successful
completion of the Cablevision acquisition, this transaction again
demonstrates Altice's commitment to proactively manage its
liabilities across every credit pool, further improving its
maturity schedule as well as reducing interest costs. We are
particularly pleased the capital market is supporting both Altice
USA and Altice Europe and remain very excited about all of our
opportunities to invest and grow in these markets."
For additional information, please refer to the
Current Report section of the Altice USA website at
http://alticeusa.com/investor-information/
Contacts
Chief Investor Relations Officer,
Altice
Nick Brown: +41 79 720 15 03
nick.brown@altice.net
Chief Communications Officer,
Altice
Arthur Dreyfuss: +41 79 946 49 31
arthur.dreyfuss@altice.net
Head of Communications, Altice
USA
Lisa Anselmo: +1 516 279 9461
lisa.anselmo@alticeusa.com
About Altice
Founded by telecom entrepreneur, Patrick Drahi,
Altice is a multinational cable, fiber, telecommunications,
contents and media company with presence in four regions - Western
Europe (comprising France, Belgium, Luxembourg, Portugal and
Switzerland), the United States, Israel, and the Overseas
Territories (currently comprising the French Caribbean, the Indian
Ocean regions and the Dominican Republic). Altice provides very
high speed based services (high quality pay television, fast
broadband Internet and fixed line telephony) and, in certain
countries, mobile telephony services to residential and corporate
customers. Altice is also active in the media space with a
portfolio of channels (News, Sports, Lifestyle etc.) as well as
providing Premium content on nonlinear platforms; it also produces
its own original content (Series, Movies etc.).
Altice (ATC & ATCB) is listed
on NYSE Euronext Amsterdam.
For more information, visit www.altice.net
About Altice USA
Altice USA, a subsidiary of Altice Group
(Euronext: ATC, ATCB), is the fourth largest cable operator in the
United States, delivering residential and business services to 4.6
million customers across 20 states. Providing high-quality products
that keep customers connected, Altice USA (through its Optimum,
Lightpath and Suddenlink brands) offers digital cable television,
high-speed Internet, voice, WiFi and advertising services. To meet
our customers' content and information needs, the company through
News 12 also offers hyper-local news and programming created
specifically for the communities we serve. For more information,
visit www.alticeusa.com
Optimum Refinancing
120916
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
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