New Issue: CSC Holdings prices upsized $1 billion 10.5-year notes at par to yield 5¾%

By Paul A. Harris

Portland, Ore., July 1 – CSC Holdings, LLC, a subsidiary of Altice USA, Inc., priced an upsized $1 billion issue of 10.5-year senior notes (B3/B) at par to yield 5¾% in a quick-to-market Monday trade, according to market sources.

The issue size increased from $750 million.

The yield printed at the tight end of the 5¾% to 5 7/8% yield talk and tighter than initial guidance in the 6% area.

Citigroup Global Markets Inc. was the lead bookrunner.

The New York-based telecom plans to use the proceeds to pay off its revolving credit facility and for general corporate purposes. The additional proceeds resulting from the $250 million upsizing of the deal will be used to put cash on the balance sheet.

Issuer:	CSC Holdings, LLC
Amount:	$1 billion, increased from $750 million
Maturity:	Jan. 15, 2030
Securities:	Senior notes
Lead bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	Barclays, BNP Paribas Securities Corp., Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	371 bps
Call protection:	Make-whole call at Treasuries plus 50 bps until Jan. 15, 2025, then callable at 102.875
Equity clawback:	40% at 105.75 until July 15, 2022
Trade date:	July 1
Settlement date:	July 10
Ratings:	Moody's: B3
	S&P: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	5¾% to 5 7/8%
Marketing:	Quick to market

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