By Paul A. Harris
Portland, Ore., June 2 – Altice USA Inc. priced $1.725 billion of 10.5-year notes in two tranches in a quick-to-market Tuesday trade, according to market sources.
Bookrunners were 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.
The deal included $1.1 billion of senior guaranteed notes (Ba3/BB), which priced at par to yield 4 1/8%. The yield printed at the tight end of yield talk in the 4¼% area. Initial talk was 4¼% to 4½%.
The offering also included $625 million of senior unsecured notes (B3/B), which priced at par to yield 4 5/8%. The yield printed at the tight end of yield talk in the 4¾% area. Initial talk was in the 5% area.
At noon ET on Tuesday the deal, across both tranches, was heard to be playing to $5 billion of orders from 100 accounts, a trader said.
The issuer was CSC Holdings, LLC.
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.
| Issuer: | CSC Holdings, LLC
|
| Amount: | $1,725,000,000
|
| Maturity: | Dec. 1, 2030
|
| Bookrunners: | 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
|
| Trade date: | June 2
|
| Settlement date: | June 15
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Drive-by
|
|
|
| Guaranteed notes
|
| Amount: | $1.1 billion
|
| Issue: | Senior guaranteed notes
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 345 bps
|
| Call protection: | 5.5 years
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Price talk: | 4¼% area
|
|
|
| Unsecured notes
|
| Amount: | $625 million
|
| Issue: | Senior notes
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 395 bps
|
| Call protection: | 5.5 years
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Price talk: | 4¾% area
|
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