Altice (CSC Holdings) to price $1.73 billion notes in two parts in Tuesday drive-by

By Paul A. Harris

Portland, Ore., June 2 – Altice USA Inc. plans to price $1.725 billion of high-yield notes in two tranches coming in a quick-to-market Tuesday trade, according to market sources.

The deal includes $1.1 billion of 10.5-year senior guaranteed notes (Ba3/BB) with initial price talk of 4¼% to 4½%.

The offering also includes $625 million of 10.5-year senior unsecured notes (B3/B) with initial price talk in the 5% area.

J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes in both of the Rule 144A and Regulation S for life tranches come with 5.5 years of call protection.

The issuing entity will be CSC Holdings, LLC, a wholly owned subsidiary of Altice USA.

The New York-based telecom plans to use the proceeds to refinance the 5 3/8% guaranteed notes due 2023 and the 7¾% unsecured notes due 2025.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.