Item 8.01 Other Events
On June 2, 2020, CSC Holdings LLC, a Delaware limited liability company ("CSC"
or the "Issuer"), an indirect wholly-owned subsidiary of Altice USA, Inc. (the
"Company"), successfully priced an offering (the "Offering") of (i) $1,100.0
million in aggregate principal amount of its Senior Guaranteed Notes due 2030
(the "Senior Guaranteed Notes") and (ii) $625.0 million in aggregate principal
amount of its Senior Notes due 2030 (the "Senior Notes" and together with the
Senior Guaranteed Notes, the "Notes").
The Senior Guaranteed Notes will bear interest at a rate of 4.125% and will pay
interest semi-annually in arrears on December 1 and June 1 of each year,
beginning on December 1, 2020. The Senior Guaranteed Notes will mature on
December 1, 2030. The Issuer and each of its subsidiaries that will guarantee
the Senior Guaranteed Notes entered into a purchase agreement on June 2, 2020
with the representative of the initial purchasers named therein, related to the
issuance and sale of the Senior Guaranteed Notes. The proceeds from this
Offering, together with cash on balance sheet, are expected to be used to
refinance in full the Issuer's $1,095.8 million aggregate outstanding principal
amount of 5.375% Senior Guaranteed Notes due 2023, together with redemption
premium, and to pay the fees, costs and expenses associated with the offering of
the Senior Guaranteed Notes and the refinancing.
The Senior Notes will bear interest at a rate of 4.625% and will pay interest
semi-annually in arrears on December 1 and June 1 of each year, beginning on
December 1, 2020. The Senior Notes will mature on December 1, 2030. The Issuer
entered into a purchase agreement on June 2, 2020 with the representative of the
initial purchasers named therein, related to the issuance and sale of the Senior
Notes. The proceeds from this Offering, together with cash on balance sheet, are
expected to be used to refinance in full the Issuer's $1.7 million aggregate
outstanding principal amount of 7.750% Senior Notes due 2025 and $617.9 million
aggregate outstanding principal amount of 7.750% Senior Notes due 2025, together
with redemption premium, and to pay the fees, costs and expenses associated with
the offering of the Senior Notes and the refinancing.
The Offering for the Notes is expected to close on or about June 16, 2020, each
subject to customary closing conditions. The Notes are being sold in a private
placement only to qualified institutional buyers pursuant to Rule 144A and to
non-U.S. persons pursuant to Regulation S under the U.S. Securities Act of 1933,
as amended, subject to prevailing market and other conditions.
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