Altice USA: facility has a fixed coupon of 8.875%

Altice USA: facility has a fixed coupon of 8.875%

NEW YORK (July 2, 2025) – Altice USA (NYSE: ATUS) has announced the successful closure of a landmark $1.0 billion asset-backed term loan facility, marking a significant milestone in infrastructure-backed financing. The loan, secured primarily by the company's Hybrid-Fiber Coaxial (HFC) network in the Bronx and Brooklyn service areas, was facilitated by Goldman Sachs and TPG Angelo Gordon.

The Asset Backed Loan Facility, which matures in January 2031, features a fixed coupon of 8.875%. This transaction represents Altice USA's first-of-its-kind securitization of parts of its HFC network, enabling the company to enhance its financial flexibility and support long-term growth initiatives. Dennis Mathew, Chairman and Chief Executive Officer of Altice USA, expressed excitement about the partnership and the potential for future strategic opportunities.

The loan facility is secured by certain receivables generated by Altice USA's operations in the Bronx and Brooklyn, where its Optimum brand serves approximately 1.55 million locations passed and approximately 695 thousand subscribers. Across its entire footprint, Optimum passes nearly 10 million locations and serves more than 4 million subscribers.

The company may incur additional indebtedness, also secured by the Securitization Assets, provided certain conditions are satisfied. Further details are available in Altice USA's associated 8-K filing, accessible on the company's Investor Relations website and the SEC's website at www.sec.gov.

Ropes & Gray acted as legal counsel to Altice USA and the Borrower, while King & Spalding and Milbank represented Goldman Sachs Bank USA, and Latham & Watkins acted as legal counsel to TPG Angelo Gordon.

[1] https://www.alticeusa.com/news/articles/altice-usa-announces-landmark-10-billion-asset-backed-loan-facility-secured-primarily