Altice USA Announces Successful Pricing of New Term Loan
December 15 2022 - 5:00PM
Business Wire
Altice USA, Inc. (NYSE: ATUS) (“Altice USA”), today announces
that its wholly owned subsidiary CSC Holdings, LLC (“CSC”)
successfully priced and allocated a new $2 billion 5-year Senior
Secured Term Loan B (the “Senior Secured Term Loan B”) under its
existing credit agreement originally dated as of October 9, 2015,
as amended, restated, modified or supplemented from time to time.
The Senior Secured Term Loan B will mature on the date that is the
earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of
such date, any September 2019 Term Loans (as defined in the
Eleventh Amendment) are still outstanding, unless the September
2019 Term Loan Maturity Date (as defined in the Eleventh Amendment)
has been extended to a date falling after January 15, 2028. The
proceeds from this new Senior Secured Term Loan B are expected to
be used to refinance in part (including by way of cashless roll)
the outstanding principal amount of CSC’s March 2017 Term Loans (as
defined in the Fourth Amendment) and October 2018 Incremental Term
Loans (as defined in the Sixth Amendment).
The new Senior Secured Term Loan B will bear interest at a rate
per annum equal to the Term SOFR rate plus a margin of 4.50% per
annum. As a result, the average cost of debt for CSC is expected to
increase from 5.1% to 5.3% and the weighted average life of CSC’s
debt has been extended from 5.8 to 6.0 years on a pro forma basis
as of September 30, 2022.
This press release is for informational purposes only and shall
not constitute an offer to sell, or a solicitation of an offer to
buy, any security. No offer, solicitation, or sale will be made in
any jurisdiction in which such an offer, solicitation, or sale
would be unlawful.
About Altice USA
Altice USA (NYSE: ATUS) is one of the largest broadband
communications and video services providers in the United States,
delivering broadband, video, mobile, proprietary content and
advertising services to nearly 5.0 million residential and business
customers across 21 states through its Optimum brand. The Company
operates a4, an advanced advertising and data business, which
provides audience-based, multiscreen advertising solutions to
local, regional and national businesses and advertising clients.
Altice USA also offers hyper-local, national, international and
business news through its News 12, Cheddar News and i24NEWS
networks.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, all statements other
than statements of historical facts contained in this release,
including, without limitation, those regarding our intentions,
beliefs or current expectations concerning, among other things: our
future financial conditions and performance, our long-term strategy
and business plans, market conditions, industry developments and
potential strategic opportunities. These forward-looking statements
can be identified by the use of forward-looking terminology,
including the terms “represents”, “forward”, "will", or “continue”,
or other variations or comparable terminology. Where, in any
forward-looking statement, we express an expectation or belief as
to future results or events, such expectation or belief is
expressed in good faith and believed to have a reasonable basis,
but there can be no assurance that the expectation or belief will
result or be achieved or accomplished. To the extent that
statements in this release are not recitations of historical fact,
such statements constitute forward-looking statements, which, by
definition, involve risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements including risks referred to in our most recently
filed Annual Report on Form 10-K and in our most recently filed
Quarterly Report on Form 10-Q. You are cautioned to not place undue
reliance on Altice USA’s forward-looking statements. Any
forward-looking statement speaks only as of the date on which it
was made. Altice USA specifically disclaims any obligation to
publicly update or revise any forward-looking statement, as of any
future date.
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version on businesswire.com: https://www.businesswire.com/news/home/20221215006052/en/
Investor Relations Nick Brown: +1 917 589 9983 /
nick.brown@alticeusa.com Sarah Freedman: +1 631 660 8714 /
sarah.freedman@alticeusa.com
Communications Lisa Anselmo: +1 516 279 9461 /
lisa.anselmo@alticeusa.com Janet Meahan: +1 516 519 2353 /
janet.meahan@alticeusa.com
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