Altice USA Announces Successful Pricing of New Term Loan

NEW YORK (December 15, 2022) — Altice USA, Inc. (NYSE: ATUS) (“Altice USA”), today announces that its wholly owned subsidiary CSC Holdings, LLC (“CSC”) successfully priced and allocated a new $2 billion 5-year Senior Secured Term Loan B (the “Senior Secured Term Loan B”) under its existing credit agreement originally dated as of October 9, 2015, as amended, restated, modified or supplemented from time to time. The Senior Secured Term Loan B will mature on the date that is the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any September 2019 Term Loans (as defined in the Eleventh Amendment) are still outstanding, unless the September 2019 Term Loan Maturity Date (as defined in the Eleventh Amendment) has been extended to a date falling after January 15, 2028. The proceeds from this new Senior Secured Term Loan B are expected to be used to refinance in part (including by way of cashless roll) the outstanding principal amount of CSC’s March 2017 Term Loans (as defined in the Fourth Amendment) and October 2018 Incremental Term Loans (as defined in the Sixth Amendment).

The new Senior Secured Term Loan B will bear interest at a rate per annum equal to the Term SOFR rate plus a margin of 4.50% per annum. As a result, the average cost of debt for CSC is expected to increase from 5.1% to 5.3% and the weighted average life of CSC’s debt has been extended from 5.8 to 6.0 years on a pro forma basis as of September 30, 2022.

This press release is for informational purposes only and shall not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

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