CSC Holdings LLC's New $1 Billion Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) Feb. 4, 2019--S&P Global Ratings today assigned its 'BB-' issue-level rating and '2' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed $1 billion secured term loan B-4 due 2027. The '2' recovery indicates our expectation of substantial recovery (70%-90%; rounded estimate: 70%) to lenders in the event of a payment default. The company will use proceeds to repay the remaining amount of unsecured 10.25% notes due 2023. Existing issue-level ratings are unchanged, as we continue to expect secured and guaranteed recovery prospects within the 70%-90% range, albeit at the lower end of the range pro forma for this transaction. The 'B+' issuer credit rating on parent Altice USA Inc. is unchanged

...NEW YORK (S&P Global Ratings) Feb. 4, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '2' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed $1 billion secured term loan B-4 due 2027. The '2' recovery indicates our expectation of substantial recovery (70%-90%; rounded estimate: 70%) to lenders in the event of a payment default. The company will use proceeds to repay the remaining amount of unsecured 10.25% notes due 2023. Existing issue-level ratings are unchanged, as we continue to expect secured and guaranteed recovery prospects within the 70%-90% range, albeit at the lower end of the range pro forma for this transaction. The 'B+' issuer credit rating on parent Altice USA Inc. is unchanged as this is a leverage-neutral transaction that will modestly improve cash flow due to lower interest expense. Our positive outlook continues to incorporate an expectation for de-leveraging in the coming months and we could raise the rating if...

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