By Paul A. Harris
Portland, Ore., Aug. 3 – CSC Holdings LLC (Altice) priced $2.7 billion of high-yield notes in two tranches in a drive-by deal on Monday, according to a filing with the Securities and Exchange Commission.
The drive-by deal includes a $1.7 billion add-on to the 4 5/8% notes due Dec. 1, 2030 (B3/B) priced at 103.25. The issuer priced the original $625 million of the notes on June 2.
The issuer also sold $1 billion of new 3 3/8% 10.5-year notes with 5.5 years of call protection. Initial talk was in the high 3% area.
J.P. Morgan Securities LLC is the lead.
Proceeds will be used along with cash on the balance sheet to refinance the issuer’s $1 billion of 6 5/8% senior guaranteed notes due 2025 and the $1,684,200,000 of 10 7/8% senior notes due 2025.
The issuer is a New York-based telecommunications company.
| Issuer: | CSC Holdings LLC (Altice)
|
| Issue: | Notes
|
| Amount: | $2.7 billion
|
| Lead bookrunner: | J.P. Morgan Securities LLC
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 17
|
| Distribution: | Regulation S
|
| Marketing: | Drive-by
|
|
|
| 2030 add-on
|
| Amount: | $1.7 billion
|
| Maturity: | Dec. 1, 2030
|
| Coupon: | 4 5/8%
|
| Price: | 103.25
|
| Original issue: | $625 million priced on June 2
|
| Call protection: | 5.5 years
|
| Ratings: | Moody's: B3
|
| S&P: B
|
|
|
| 2031 notes
|
| Amount: | $1 billion
|
| Maturity: | Feb. 15, 2031
|
| Coupon: | 3 3/8%
|
| Talk: | High 3% area
|
| Call protection: | 5.5 years
|
|
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