Altice USA: The Path to Lower Leverage
We explore Altice’s ability to manage leverage under four scenarios. We show that the Company can lower leverage by close to one turn over the next five years, if they refinance in the high yield market. They can do slightly better than that if they refinance in the ABS market. If they halt fiber deployment, they could lower leverage by close to one turn and a half. Asset sales may help with liquidity, but they are not likely to help much with leverage.Altice USA is a holding company. Through its subsidiaries, the company provides broadband communications and video services and markets its services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. The company delivers broadband, video, and telephony services to the residential and business customers. The company also provides fiber connectivity, bandwidth and managed services to enterprise customers through its Lightpath business (also marketed as Altice Business) and the company provides advertising time and services to advertisers. The company has launched Altice Mobile, a mobile offering, to consumers across its footprint.
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