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Ropes & Gray Advises Altice USA on $6.75bn Refinancing in Connection with the Combination of its Suddenlink and Optimum Businesses Under a Single Credit Silo

Practices: Finance

Ropes & Gray has advised Altice USA - an American communications and media company - on the structuring and financing aspects, totaling $6.75bn, of the combination of its Suddenlink (Cequel) and Optimum (Cablevision) businesses under a single credit silo.  

The transaction, which involved exchange offers totaling $5.5bn aggregate principal amount of high yield bonds and $1.25bn Term Loan B financing, will enable the integration of the Suddenlink and Optimum businesses and is expected to result in a more diversified credit silo which is expected to simplify Altice USA’s financing strategy and financial reporting requirements. 

The Ropes & Gray team was led by finance partner Michael Kazakevich and finance counsel Aditya Khanna and Alexandru Mocanu, supported by finance associates Luwam MezueMohammed Al Rasheed, Mansha Malhotra and Shabdita Gupta, all based in London. Tax advice was provided by partner David Saltzman, counsel Sara Clevering, associate Ariella Mutchler, all based in Boston, and associate Chris Shim based in New York.

Michael Kazakevich said: “Having advised Altice on the acquisition financing of both Suddenlink and Cablevision, our London-based finance team was uniquely qualified to lead this transaction, working closely with our client and their financial advisors to come up with the execution strategy that met the goal of consolidating Altice USA’s financial structure and simplifying its financial reporting.” 

He added:“Our London-based finance offering has been strengthened with several recent additions to the partner and associate ranks and with this deal we continue to deliver on our commitment to clients to provide a seamless, ‘one-stop-shop’ solution for all their multi-product and cross-border financing needs.”

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