Altice USA Secures $1B Asset-Backed Loan
Deal News | Jul 17, 2025 | Ropes & Gray
Ropes & Gray has advised Cablevision Funding LLC, an unrestricted subsidiary of CSC Holdings, LLC which in turn is a subsidiary of Altice USA, on an unprecedented $1 billion asset-backed term loan facility. The partnership with TPG, Angelo Gordon, and Goldman Sachs is pivotal, being the first to securitize receivables from the company's Bronx and Brooklyn service areas, including hybrid-fiber coaxial network assets. This move facilitates enhanced infrastructure financing for Altice USA's Optimum brand which serves 695,000 subscribers in Bronx and Brooklyn, with over 4 million broadband subscribers network-wide. Ropes & Gray's involvement exemplifies its proficiency in structuring digital infrastructure financings, evidenced by its recent engagements with Frontier Communications and Tillman Infrastructure.
Sectors
- Telecommunications
- Financial Services
- Infrastructure
- Legal Services
Geography
- United States – Altice USA operates extensively across the Bronx and Brooklyn, making the USA a primary geography in this transaction.
- New York – The transaction directly impacts the telecommunications infrastructure servicing New York areas like the Bronx and Brooklyn.
Industry
- Telecommunications – The transaction relates to Altice USA, a major player in the telecommunications sector, providing broadband and cable services.
- Financial Services – The financing aspect and partnership with financial institutions like TPG, Angelo Gordon, and Goldman Sachs highlight the financial services industry's role.
- Infrastructure – The securitization of infrastructure (hybrid-fiber coaxial networks) signifies the relevance of the infrastructure sector.
- Legal Services – Ropes & Gray's significant legal advisory role positions the legal services industry within this transaction.
Financials
- $1 Billion – The size of the asset-backed term loan facility secured by Altice USA.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ropes & Gray | Legal Advisor | Company | An international law firm advising on the financial and legal structure of the transaction. |
| Altice USA | Target Company | Company | A telecommunications company that operates under the Optimum brand, serving millions of subscribers. |
| Cablevision Funding LLC | Borrower | Company | An unrestricted subsidiary of CSC Holdings, connected to Altice USA participating as a borrower in the loan. |
| TPG | Financier | Company | An investment company part of the financing deal. |
| Angelo Gordon | Financier | Company | A global alternative investment manager involved in the financing. |
| Goldman Sachs | Financier | Company | A leading global banking and financial services company providing financing. |