Business Context and Reporting Period
This Form 8-K is filed by Altice USA, Inc. (the Registrant) regarding an event involving its indirect, wholly owned subsidiary, Cablevision Systems Corporation. The report date is February 16, 2018, which coincides with the date of the earliest event reported.
Key Financial Metrics
The filing details the redemption of debt instruments rather than reporting operational financial performance metrics such as revenue, profit, or cash flow.
- Debt Instrument: 7.75% Senior Notes due 2018.
- Principal Amount Redeemed: $750,000,000.
- Redemption Price: 100.935902% of the outstanding aggregate principal amount.
- Additional Payment: Accrued and unpaid interest to the Redemption Date.
Material Changes
On February 16, 2018, Cablevision Systems Corporation terminated a material definitive agreement by redeeming in full the outstanding $750 million in Senior Notes. This action removes the specific debt obligation from the company's balance sheet effective as of the redemption date.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future operations, or a discussion of risks and contingencies beyond the execution of the debt redemption. No unusual items were disclosed in this specific report.
Investor Verification Checklist
- Verify the total cash outflow required for the redemption, including the premium (100.935902%) and accrued interest.
- Confirm the impact of this $750 million debt reduction on the company's overall leverage ratios and liquidity position.
- Review the indenture dated April 2, 2010, and its amendments to understand the terms under which the redemption was executed.