v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The following table provides details of our outstanding debt:
Interest Rate at March 31, 2025
March 31, 2025December 31, 2024
Date IssuedMaturity DatePrincipal AmountCarrying Amount (a)Principal AmountCarrying Amount (a)
CSC Holdings Senior Notes:
October 18, 2018April 1, 20287.500 %$4,118 $4,115 $4,118 $4,115 
November 27, 2018April 1, 20287.500 %1,045,882 1,045,181 1,045,882 1,045,130 
July 10 and October 7, 2019January 15, 20305.750 %2,250,000 2,271,194 2,250,000 2,272,150 
June 16 and August 17, 2020December 1, 20304.625 %2,325,000 2,353,783 2,325,000 2,354,856 
May 13, 2021November 15, 20315.000 %500,000 498,721 500,000 498,681 
6,125,000  6,172,994 6,125,000 6,174,932 
CSC Holdings Senior Guaranteed Notes:
September 23, 2016April 15, 20275.500 %1,310,000 1,308,530 1,310,000 1,308,363 
January 29, 2018February 1, 20285.375 %1,000,000 997,085 1,000,000 996,853 
January 31, 2019February 1, 20296.500 %1,750,000 1,748,507 1,750,000 1,748,423 
June 16, 2020December 1, 20304.125 %1,100,000 1,097,052 1,100,000 1,096,940 
August 17, 2020February 15, 20313.375 %1,000,000 997,942 1,000,000 997,864 
May 13, 2021November 15, 20314.500 %1,500,000 1,496,196 1,500,000 1,496,075 
April 25, 2023May 15, 202811.250 %1,000,000 995,465 1,000,000 995,174 
January 25, 2024January 31, 202911.750 %2,050,000 2,034,554 2,050,000 2,033,786 
10,710,000 10,675,331 10,710,000 10,673,478 
CSC Holdings Restricted Group Credit Facility:
Revolving Credit Facility (b)July 13, 20276.669 %2,000,000 1,997,791 1,700,000 1,697,559 
Incremental Term Loan B-5 (c)April 15, 20279.000 %2,850,000 2,842,796 2,857,500 2,849,460 
Incremental Term Loan B-6 (d)January 15, 20288.819 %1,961,903 1,934,021 1,966,908 1,936,863 
6,811,903 6,774,608 6,524,408 6,483,882 
Lightpath Senior Notes:
September 29, 2020September 15, 20285.625 %415,000 410,534 415,000 410,249 
Lightpath Senior Secured Notes:
September 29, 2020September 15, 20273.875 %450,000 446,196 450,000 445,836 
Lightpath Term Loan (e)November 30, 20277.319 %674,240 671,548 676,000 673,107 
Lightpath Revolving Credit Facility (f)— — — — 
1,539,240 1,528,278 1,541,000 1,529,192 
Finance lease obligations134,067 134,067 145,362 145,362 
Supply chain financing14,365 14,365 50,642 50,642 
25,334,575 25,299,643 25,096,412 25,057,488 
Less: current portion of credit facility debt(56,762)(56,762)(57,061)(57,061)
Less: current portion of finance lease obligations(74,514)(74,514) (77,770)(77,770)
Less: current portion of supply chain financing(14,365)(14,365)(50,642)(50,642)
(145,641)(145,641)(185,473)(185,473)
Long-term debt$25,188,934 $25,154,002 $24,910,939 $24,872,015 
(a)The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums.
(b)At March 31, 2025, $163,613 of the revolving credit facility was restricted for certain letters of credit issued on our behalf and $311,387 of the $2,475,000 facility was undrawn and available, subject to covenant limitations. The revolving credit facility bears interest at a rate of Secured Overnight Financing Rate ("SOFR") (plus a credit adjustment spread of 0.10%) plus 2.25% per annum.
(c)Incremental Term Loan B-5 requires quarterly installments of $7,500 and bore interest at a rate equal to Synthetic USD London Interbank Offered Rate ("LIBOR") plus 2.50% per annum through March 31, 2025. Thereafter, we are required to pay interest at a rate equal to the alternate base rate (“ABR”), plus the applicable margin, where the ABR is the
greater of (x) prime rate or (y) the federal funds effective rate plus 50 basis points, and the applicable margin for any ABR loan is 1.50% per annum.
(d)Incremental Term Loan B-6 requires quarterly installments of $5,005 and bears interest at a rate equal to SOFR plus 4.50% per annum.
(e)See discussion below under "Lightpath Credit Facility" regarding the Refinancing Amendment.
(f)At March 31, 2025, $150 of the revolving credit facility was restricted for certain letters of credit issued on Lightpath's behalf and $114,850 of the $115,000 in revolving loan commitments were undrawn and available, subject to covenant limitations.
For financing purposes, we have two debt silos: CSC Holdings and Lightpath. The CSC Holdings silo is structured as a restricted group (the "CSC Holdings Restricted Group") and an unrestricted group, which includes certain designated subsidiaries and investments. The CSC Holdings Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries excluding Cablevision Lightpath which became an unrestricted subsidiary in September 2020. These CSC Holdings Restricted Group subsidiaries are subject to the covenants and restrictions of CSC Holdings' credit facility and indentures governing the notes issued by CSC Holdings. The Lightpath silo includes all of its operating subsidiaries which are subject to the covenants and restrictions of the Lightpath credit facility and indentures governing the notes issued by Lightpath.
CSC Holdings Revolving Credit Facility
During the three months ended March 31, 2025, CSC Holdings borrowed $450,000 under its revolving credit facility and repaid $150,000 of amounts outstanding under its revolving credit facility.
Lightpath Credit Facility
Lightpath is party to an amended credit agreement (the "Amended Credit Agreement") which provides a term loan in an aggregate principal amount of $676,000 ($674,240 outstanding at March 31, 2025) and revolving loan commitments (the "Lightpath Revolving Credit Facility") in an aggregate principal amount of $115,000.
Under the Amended Credit Agreement, $95,000 of the aggregate principal amount of the Lightpath Revolving Credit Facility will mature on the earlier of (i) June 15, 2027 and (ii) the date that is five business days after any Extension Breach Date, and the remaining $20,000 of the Lightpath Revolving Credit Facility will mature on November 30, 2025 (as defined in the Amended Credit Agreement).
In January 2025, Lightpath entered into a refinancing amendment (the "Refinancing Amendment") to its Amended Credit Agreement, which refinanced all of the term loans outstanding immediately prior to giving effect to the Refinancing Amendment in order to reduce the applicable margins with respect thereto from (i) with respect to any alternate base rate loan, 2.25% per annum to 2.00% per annum and (ii) with respect to any Term SOFR loan, 3.25% per annum to 3.00%. Additionally, after giving effect to the Refinancing Amendment, interest on borrowings made under the refinanced term loan facility are calculated without giving effect to the spread adjustments (0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) initially provided for under the Amended Credit Agreement.
Debt Compliance
As of March 31, 2025, CSC Holdings and Lightpath were in compliance with applicable financial covenants under their respective credit facilities and with applicable financial covenants under each respective indenture by which the senior guaranteed notes, senior secured notes and senior notes were issued.
Summary of Debt Maturities
The future principal payments under our various debt obligations outstanding as of March 31, 2025, including supply chain financing, but excluding finance lease obligations, are as follows:
2025$56,936 
202656,762 
20277,239,960 
2028 (a)5,371,850 
20293,800,000 
Thereafter8,675,000 
(a)Includes $1,906,850 principal amount related to the CSC Holdings' Incremental Term Loan B-6 that is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.