CSC Holdings LLC's Proposed $1.5 Billion Secured Term Loan Due 2027 Rated 'BB' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) Sept. 19, 2019--S&P Global Ratings today assigned its 'BB' issue-level rating and '2' recovery rating to New York City-based cable provider CSC Holdings LLC's proposed $1.5 billion secured term loan due 2027. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) for lenders in a default scenario. We anticipate that the company will use the proceeds from this loan to repay a similar amount of its outstanding debt, including its $1 billion term loan B-4 due 2027 and the $500 million of holding company notes due 2020 issued by Cablevision Systems Corp. While this will modestly increase the company's level of secured claims at default, our '2' recovery rating on

...September 19, 2019 NEW YORK (S&P Global Ratings) Sept. 19, 2019--S&P Global Ratings today assigned its '##' issue-level rating and '2' recovery rating to New York City-based cable provider CSC Holdings LLC's proposed $1.5 billion secured term loan due 2027. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) for lenders in a default scenario. We anticipate that the company will use the proceeds from this loan to repay a similar amount of its outstanding debt, including its $1 billion term loan B-4 due 2027 and the $500 million of holding company notes due 2020 issued by Cablevision Systems Corp. While this will modestly increase the company's level of secured claims at default, our '2' recovery rating on its debt remains unchanged. Our 'B' issue-level rating and '6' recovery rating on CSC Holdings LLC's unsecured debt are also unaffected by this refinancing. The company also announced plans to assume all of Cablevision System Corp.'s...

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