Optimum Communications Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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| Item 1.01 | Entry into a Material Definitive Agreement. |
Fourteenth Amendment to Credit Agreement
On November 25, 2025, CSC Holdings, LLC (the “CSC Holdings”), an indirect wholly-owned subsidiary of Optimum Communications, Inc., entered into a Fourteenth Amendment to Credit Agreement (Incremental Loan Assumption Agreement) (the “Fourteenth Amendment”), by and among CSC Holdings, as borrower, the incremental lender party thereto and each of the other loan parties signatory thereto. The Fourteenth Amendment amends and supplements CSC Holdings’ credit agreement, dated as of October 9, 2015 (as amended, restated or otherwise modified from time to time, the “CSC Credit Agreement”), by and among CSC Holdings, as borrower, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and as security agent, and the other parties thereto from time to time.
The Fourteenth Amendment provides for, among other things, new incremental term loan commitments (the “Incremental Term Loan B-7 Commitments”) in an aggregate principal amount of $2,000,000,000, with an extended maturity until the date that is the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any September 2019 Term Loans (as defined in the Fourteenth Amendment) are still outstanding, unless the September 2019 Term Loan Maturity Date (as defined in the Fourteenth Amendment) has been extended to a date falling after January 15, 2028. The loans made pursuant to the Incremental Term Loan B-7 Commitments (the “Incremental Term Loans B-7”) may be comprised of Term SOFR (as defined in the Fourteenth Amendment) borrowings or alternative base rate borrowings, and will bear interest at a rate per annum equal to the Term SOFR rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 3.500% per annum and (ii) with respect to any Term SOFR loan, 4.500% per annum. The proceeds from the Incremental Term Loans B-7 were used to (i) refinance all of CSC Holdings’ outstanding Incremental Term Loan B-6 under the CSC Credit Agreement and (ii) pay certain fees and expenses relating to the foregoing (the foregoing transactions, the “Refinancing”).
UnSub Credit Agreement
On November 25, 2025, following the consummation of the Refinancing, Cablevision Litchfield, LLC (“Cablevision Litchfield”) and CSC Optimum Holdings, LLC (“CSC Optimum”), each an indirect wholly-owned subsidiary of Optimum Communications, Inc., entered into a Credit Agreement (the “UnSub Credit Agreement”), by and among Cablevision Litchfield and CSC Optimum, each as a borrower, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.
The UnSub Credit Agreement provides for, among other things, initial term loan commitments in an aggregate principal amount of $2,000,000,000. The loans made pursuant to the initial term loan commitments (the “UnSub Term Loans”) will (i) mature on November 25, 2028, (ii) accrue interest at a fixed rate per annum equal to 9.000% and (iii) not amortize. The proceeds from the UnSub Term Loans were used to refinance all of CSC Holdings’ Incremental Term Loans B-7.
The foregoing summary of the terms of the Fourteenth Amendment and the UnSub Credit Agreement is qualified in its entirety by reference to the full text of the Fourteenth Amendment and the UnSub Credit Agreement filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth above under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Optimum Communications, Inc. | ||
| By: | /s/ Michael E. Olsen | |
| Dated: November 25, 2025 | Michael E. Olsen | |
| General Counsel & Chief Corporate Responsibility Officer |