Altice USA Inc. unit CSC Holdings LLC on Jan. 29 issued $1.00 billion in 5.375% senior guaranteed motes due 2028.
The notes were issued pursuant to a Jan. 29 indenture between, among others, CSC Holdings and Deutsche Bank Trust Co. Americas, as trustee, the company said in a Feb. 2 SEC filing.
The company intends to use the proceeds — together with proceeds from a new U.S. dollar-denominated tranche of term loans made available to CSC Holdings, borrowings under its revolving credit facility and cash on balance sheet — to refinance certain existing debt of CSC Holdings and direct parent Cablevision Systems Corp. and to fund a dividend of $1.50 billion to Altice USA.
Altice USA is expected to use such proceeds to fund a dividend to its stockholders immediately prior to and in connection with the separation of Altice USA from its controlling stockholder, Altice NV.
