Altice (CSC Holdings) to price $1 billion five-year guaranteed notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., April 18 – Altice USA, Inc. plans to price $1 billion of CSC Holdings, LLC senior guaranteed notes due May 15, 2028 (B1) in a Tuesday drive-by, according to market sources.

The deal, which was set to kick off on a Tuesday morning conference call with investors, is in the market with initial guidance in the 11% to 11˝% area, a trader said.

The Rule 144A and Regulation S for life five-year notes come with two years of call protection.

Proceeds plus balance sheet cash will be used for general corporate purposes, which may include the opportunistic refinancing of certain of CSC’s existing debt, and to finance capital expenditures, which may include the purchase, lease, rental or cost of design, construction, installation or improvement of property, plant or equipment. Pending those uses, the proceeds may be used to temporarily pay down revolver debt.

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

CSC Holdings is a wholly owned subsidiary Altice USA, a technology, media and telecom company based in New York.

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