Ropes & Gray Advised Altice USA On Landmark $1 Billion Asset-Backed Term Loan Facility

Ropes & Gray advised Altice USA on landmark $1 billion asset-backed term loan facility

Ropes & Gray advised Cablevision Funding LLC, an unrestricted subsidiary of CSC Holdings, LLC (a subsidiary of Altice USA), on its first-of-its-kind $1 billion asset-backed term loan facility, arranged in partnership with TPG Angelo Gordon and Goldman Sachs.

The transaction marks a milestone in infrastructure-backed financing by securitizing the receivables generated by Altice USA’s Bronx and Brooklyn service areas and the related hybrid-fiber coaxial (HFC) network assets. Altice USA, through its Optimum brand, is a leading incumbent operator in Bronx and Brooklyn, passing around 1.55 million locations and serving approximately 695,000 subscribers. Across its full footprint, Optimum passes nearly 10 million locations and serves more than 4 million broadband subscribers.

The Ropes & Gray deal team was led by Michael Kazakevich (Partner, London), Christopher Poggi (Partner, New York) and Amir Shmueli (Partner, New York); capital markets partner Will Michener (Boston); restructuring partners Ryan Preston Dahl (Chicago) and Mathew Roose (New York); and intellectual property partner Erica Han (Boston). They were supported by finance counsel Alexandru Mocanu (London) and Daniel Lee (New York); finance associates Mohammed Al Rasheed, Priyambada Das, Akosua Duodu, Alexandra Elphick, Wendy Li, Matea Scepanovic, and Haejin Song; corporate associates James Fiore and Timothy Machat; intellectual property associate Jaclyn Malmed; and restructuring associate Michael Wheat.

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