CSC Holdings lifts term B to $3 billion, revises issue price to par

By Sara Rosenberg

New York, Sept. 26 – CSC Holdings LLC upsized its term loan B due April 2027 to $3 billion from $1.5 billion and set the issue price at par, the tight end of revised talk of 99.875 to par and tighter than initial talk of 99.75, according to a market source.

Pricing on the term loan remained at Libor plus 250 basis points with a 0% Libor floor.

The term loan has 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead on the deal.

Proceeds will be used to refinance an existing term loan B-4 and to repay 8% senior notes at Cablevision, and, due to the upsizing, to refinance a term loan B-2 and for general corporate purposes.

CSC Holdings, an indirect wholly owned subsidiary of Altice USA Inc., is a Bethpage, N.Y.-based cable operator.

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