Published on 2/7/2019 in the Prospect News High Yield Daily.
New Issue: Altice USA prices $250 million tap of 6½% notes due 2029 at 101.75
By Paul A. Harris
Portland, Ore., Feb. 7 – Altice USA priced a $250 million tack-on to the CSC Holdings, LLC 6½% senior guaranteed notes due Feb. 1, 2029 (Ba3/BB-) at 101.75 to yield 6.218% in a quick-to-market Thursday trade, according to market sources.
The deal came rich to the 101 to 101.5 guidance, a trader said.
Credit Suisse Securities (USA) LLC was the left bookrunner. 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 were the joint bookrunners.
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.
| Issuer: | CSC Holdings, LLC
|
| Face amount: | $250 million
|
| Proceeds: | $254.38 million
|
| Maturity: | Feb. 1, 2029
|
| Security description: | Tack-on to 6½% senior guaranteed notes due Feb. 1, 2029
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | Citigroup Global Markets Inc., Barclays, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, RBC Capita Markets LLC, TD Securities, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Scotia Capital
|
| Coupon: | 6½%
|
| Price: | 101.75
|
| Yield to maturity: | 6.218%
|
| Spread: | 361 bps over Treasuries
|
| First call: | Feb. 1, 2024 at 103.25
|
| Trade date: | Feb. 7
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
| Original issue: | $1.5 billion priced at par on Jan. 24, 2019
|
| Fungibility: | Tack-on notes to become immediately fungible with original notes
|
| Total issue size: | $1.75 billion
|
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