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Ropes & Gray has advised Cablevision Funding LLC, an unrestricted subsidiary of CSC Holdings, LLC (a subsidiary of Altice USA) on a $1 billion asset-backed term loan facility, in partnership with TPG Angelo Gordon and Goldman Sachs. This is a first-of-its-kind transaction, marking a milestone in infrastructure-backed financing by securitizing the receivables generated by the Company’s Bronx and Brooklyn service area and the related hybrid-fiber coaxial (HFC) network assets.
Altice USA, through its Optimum brand, is a leading incumbent operator in Bronx and Brooklyn, where its operations span 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 broadband subscribers.
The transaction further showcases Ropes & Gray’s expertise in delivering innovative digital infrastructure financings, building on recently completed deals for Frontier Communications, Tillman Fiber and Tillman Infrastructure.
The Ropes & Gray team was led by finance partners Michael Kazakevich (London), Christopher Poggi (New York)and Amir Shmueli (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) with support from 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. Additional support was provided by corporate associates James Fiore and Timothy Machat, intellectual property associate Jaclyn Malmed and restructuring associate Michael Wheat.
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