CSC Holdings LLC's Proposed $1 Billion Million Guaranteed Notes Rated 'B' (Recovery Rating: '3')

NEW YORK (S&P Global Ratings) April 18, 2023--S&P Global Ratings today assigned a 'B' issue-level rating to Altice USA Inc.'s proposed $1 billion million guaranteed notes due 2028 issued via CSC Holdings LLC. The recovery rating is '3' indicating expectations of meaningful (50%-70%; 65% rounded estimate) recovery. The company plans to use proceeds for general corporate purposes, which may include refinancing existing debt and for capital expenditures. In the interim, we expect the company to temporarily repay borrowings under the 2027 revolver, which totaled about $1.6 billion as of Dec. 31, 2022, given that the next debt maturity (totaling $750 million) is not until June 2024. There is no impact to our existing ratings, because this transaction is neutral for

...April 18, 2023 NEW YORK (S&P Global Ratings) April 18, 2023--S&P Global Ratings today assigned a 'B' issue-level rating to Altice USA Inc.'s proposed $1 billion million guaranteed notes due 2028 issued via CSC Holdings LLC. The recovery rating is '3' indicating expectations of meaningful (50%-70%; 65% rounded estimate) recovery. The company plans to use proceeds for general corporate purposes, which may include refinancing existing debt and for capital expenditures. In the interim, we expect the company to temporarily repay borrowings under the 2027 revolver, which totaled about $1.6 billion as of Dec. 31, 2022, given that the next debt maturity (totaling $750 million) is not until June 2024. There is no impact to our existing ratings, because this transaction is neutral for leverage. We continue to expect debt to EBITDA to remain in the high-6x area through 2024. The negative rating outlook continues to reflect the possibility we could lower the rating within the next year if debt to EBITDA...

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