By Paul A. Harris
Portland, Ore., Jan. 24 – Altice USA priced an upsized $1.5 billion issue of 10-year senior guaranteed notes (Ba2/BB-) at par to yield 6½% in a quick-to-market Thursday trade, according to market sources.
The issue size increased from $1 billion.
The yield printed at the tight end of the 6½% to 6¾% yield talk, which came toward the wide end of initial guidance in the mid 6% area.
Credit Suisse Securities (USA) LLC is the left bookrunner for the Rule 144A and Regulation S offering. J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Scotia Capital and TD Securities were the joint bookrunners.
The Bethpage, N.Y.-based broadband communications and video services provider plans to use the proceeds to refinance its 8 5/8% senior notes due 2019 and a portion of its 10 1/8% senior notes due 2023.
The issuing entity will be CSC Holdings, LLC, an indirect, wholly owned subsidiary of Altice USA.
| Issuer: | CSC Holdings, LLC
|
| Amount: | $1.5 billion, increased from $1 billion
|
| Maturity: | Feb. 1, 2029
|
| Securities: | Senior guaranteed notes
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Scotia Capital and TD Securities
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 377 bps
|
| First call: | Feb. 1, 2024 at 103.25
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: Ba2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% to 6¾%
|
| Marketing: | Quick to market
|
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