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BRIEF-Altice refinances portion of its Optimum and Suddenlink credit pools
March 16, 2017 / 9:46 AM / 6 months ago

BRIEF-Altice refinances portion of its Optimum and Suddenlink credit pools

March 16 (Reuters) - Altice NV:

* Announced on Wednesday refinancing of a portion of the existing debt of its Optimum and Suddenlink credit pools, pricing $4.265 billion of Senior Secured Term Loans, redeeming $950 million of outstanding Notes

* Average maturity of debt refinanced extended by c. 2 years

* Total annual interest cost savings of $66 million

* CSC Holdings, LLC (“Optimum”) has successfully priced $3.0 billion of 8.25-year Senior Secured Term Loans with institutional investors

* Proceeds will be used by Optimum to refinance the entire $2.5 billion principal amount of loans under Optimum`s existing Term Loan Facility that matures in October 2024 and redeem $500 million of the 8.625 percent Senior Notes due September 2017 issued by Cablevision Systems Corporation

* Altice US Finance I Corporation (“Suddenlink”), the financing subsidiary of Cequel Communications, LLC has successfully priced $1.265 billion of 8.25-year Senior Secured Term Loans with institutional investors

* Proceeds will be used by Suddenlink to refinance the entire $815 million principal amount of loans under Suddenlink`s existing Term Loan Facility that matures in January 2025 and redeem $450 million of the 6.375% Senior Notes due September 2020 issued by Cequel Communications Holdings I, LLC and Cequel Capital Corporation

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