CSC Holdings to price $250 million tap of 6½% notes due 2029 in Thursday drive-by offering

By Paul A. Harris

Portland, Ore., Feb. 7 – Altice USA plans to price a $250 million tack-on to the CSC Holdings, LLC 6½% senior guaranteed notes due Feb. 1, 2029 in a quick-to-market Thursday trade following a late-morning conference call with investors, according to market sources.

Initial price talk has the deal shaping up at the rich end of the 101 to 101.5 early guidance, a trader said.

Credit Suisse Securities (USA) LLC is the left bookrunner for the Rule 144A and Regulation S offering. Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, TD Securities, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Scotia Capital are the joint bookrunners.

The notes become callable on Feb. 1, 2024 at 103.25. They feature a 40% equity clawback until Feb. 1, 2022 and a 101% poison put.

CSC Holdings is an indirect, wholly owned subsidiary of Altice USA.

The Bethpage, N.Y.-based broadband communications and video services provider plans to use the proceeds to pay down its revolving credit facility.

The original $1.5 billion issue (Ba2/BB-) priced at par on Jan. 24, 2019.

The tack-on notes are set to become immediately fungible with original notes.

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