Altice/CSC Holdings driving by with $1.25 billion guaranteed notes; initial talk low-12% area

By Paul A. Harris

Portland, Ore., Jan. 18 – Altice USA subsidiary CSC Holdings, LLC plans to price a $1.25 billion offering of senior guaranteed notes due Jan. 31, 2029 in a Thursday drive-by trailing a conference call with investors, according to market sources.

Initial guidance is in the low-12% area, according to a bond trader, who added that the deal is in the market on the back of a substantial amount of reverse inquiry.

The Rule 144A and Regulation S for life five-year notes become subject to an initial call in two years at par plus 50% of the coupon.

Goldman Sachs & Co. LLC is the left bookrunner. BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, BofA Securities Inc., Credit Agricole CIB, 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.

The New York-based broadband communications and video services provider plans to use the proceeds plus balance sheet cash to repay bank debt.

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