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S&P rates CSC Holdings loan BB-
S&P said it assigned a BB- rating and 2 recovery rating to CSC Holdings LLC's proposed $1 billion secured term loan B-4 due 2027.
The 2 recovery rating indicates 70% to 90% expected default recovery.
The proceeds will be used to repay the remaining amount of unsecured 10¼% notes due 2023.
The company's existing issue-level ratings are unchanged and the agency said it continues to expect secured and guaranteed recovery prospects within the 70% to 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.
The positive outlook continues to incorporate an expectation for de-leveraging in the coming months, S&P said.
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