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v3.21.2

DEBT | 6 Months Ended
--- | ---
Jun. 30, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT The following table provides details of the Company's outstanding debt:
|  |  |  | Interest Rate |  | June 30, 2021 |  | December 31, 2020
Date Issued |  | Maturity Date |  |  | Principal Amount |  | Carrying Amount (a) |  | Principal Amount |  | Carrying Amount (a)
CSC Holdings Senior Notes: |  |  |  |  |  |  |  |  |  |
November 15, 2011 |  | November 15, 2021 |  | 6.750 | % |  | $ | 1,000,000 |  |  | $ | 995,552 |  |  | $ | 1,000,000 |  |  | $ | 989,917 |
September 27, 2012 |  | September 15, 2022 |  | 5.875 | % |  | 649,024 |  |  | 626,047 |  |  | 649,024 |  |  | 617,333 |
May 23, 2014 |  | June 1, 2024 |  | 5.250 | % |  | 750,000 |  |  | 703,898 |  |  | 750,000 |  |  | 697,041 |
October 18, 2018 |  | April 1, 2028 |  | 7.500 | % |  | 4,118 |  |  | 4,113 |  |  | 4,118 |  |  | 4,112 |
November 27, 2018 |  | April 1, 2028 |  | 7.500 | % |  | 1,045,882 |  |  | 1,044,500 |  |  | 1,045,882 |  |  | 1,044,424 |
July 10 and October 7, 2019 |  | January 15, 2030 |  | 5.750 | % |  | 2,250,000 |  |  | 2,284,520 |  |  | 2,250,000 |  |  | 2,286,097 |
June 16, 2020 |  | December 1, 2030 |  | 4.625 | % |  | 2,325,000 |  |  | 2,368,732 |  |  | 2,325,000 |  |  | 2,370,502 |
May 13, 2021 |  | November 15, 2031 |  | 5.000 | % |  | 500,000 |  |  | 498,166 |  |  | — |  |  | — |
|  |  |  |  |  | 8,524,024 |  |  | 8,525,528 |  |  | 8,024,024 |  |  | 8,009,426 |
CSC Holdings Senior Guaranteed Notes: |  |  |  |  |  |  |  |  |  |
September 23, 2016 |  | April 15, 2027 |  | 5.500 | % |  | 1,310,000 |  |  | 1,306,225 |  |  | 1,310,000 |  |  | 1,305,955 |
January 29, 2018 |  | February 1, 2028 |  | 5.375 | % |  | 1,000,000 |  |  | 993,868 |  |  | 1,000,000 |  |  | 993,490 |
November 27, 2018 |  | May 15, 2026 |  | 5.500 | % |  | — |  |  | — |  |  | 1,498,806 |  |  | 1,487,644 |
January 24, 2019 |  | February 1, 2029 |  | 6.500 | % |  | 1,750,000 |  |  | 1,747,375 |  |  | 1,750,000 |  |  | 1,747,245 |
June 16, 2020 |  | December 1, 2030 |  | 4.125 | % |  | 1,100,000 |  |  | 1,095,474 |  |  | 1,100,000 |  |  | 1,095,283 |
August 17, 2020 |  | February 15, 2031 |  | 3.375 | % |  | 1,000,000 |  |  | 996,829 |  |  | 1,000,000 |  |  | 996,692 |
May 13, 2021 |  | November 15, 2031 |  | 4.500 | % |  | 1,500,000 |  |  | 1,494,498 |  |  | — |  |  | — |
|  |  |  |  |  | 7,660,000 |  |  | 7,634,269 |  |  | 7,658,806 |  |  | 7,626,309 |
CSC Holdings Restricted Group Credit Facility: |  |  |  |  |  |  |  |  |  |
Revolving Credit Facility |  | January 31, 2024 (c) |  | 2.354 | % | (b) | 325,000 |  |  | 317,425 |  |  | 625,000 |  |  | 616,027 |
Term Loan B |  | July 17, 2025 |  | 2.323 | % |  | 2,880,000 |  |  | 2,870,231 |  |  | 2,895,000 |  |  | 2,884,065 |
Incremental Term Loan B-3 |  | January 15, 2026 |  | 2.323 | % |  | 1,246,313 |  |  | 1,242,339 |  |  | 1,252,688 |  |  | 1,248,293 |
Incremental Term Loan B-5 |  | April 15, 2027 |  | 2.573 | % |  | 2,962,500 |  |  | 2,943,286 |  |  | 2,977,500 |  |  | 2,956,807 |
|  |  |  |  |  | 7,413,813 |  |  | 7,373,281 |  |  | 7,750,188 |  |  | 7,705,192 |
Lightpath Senior Notes: |  |  |  |  |  |  |  |  |  |
September 29, 2020 |  | September 15, 2028 |  | 5.625 | % |  | 415,000 |  |  | 406,629 |  |  | 415,000 |  |  | 406,176 |
Lightpath Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
September 29, 2020 |  | September 15, 2027 |  | 3.875 | % |  | 450,000 |  |  | 441,101 |  |  | 450,000 |  |  | 440,487 |
Lightpath Term Loan |  | November 30, 2027 |  | 3.750 | % |  | 597,000 |  |  | 580,951 |  |  | 600,000 |  |  | 582,808 |
Lightpath Revolving Credit Facility |  | (d) |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  |  |  | 1,462,000 |  |  | 1,428,681 |  |  | 1,465,000 |  |  | 1,429,471 |
Collateralized indebtedness (see Note 11) | 1,759,017 |  |  | 1,687,530 |  |  | 1,699,566 |  |  | 1,617,506 |
Finance lease obligations (see Note 8) | 199,792 |  |  | 199,792 |  |  | 159,637 |  |  | 159,637 |
Notes payable and supply chain financing (e) | 139,987 |  |  | 139,987 |  |  | 183,690 |  |  | 174,801 |
|  |  |  |  |  | 27,158,633 |  |  | 26,989,068 |  |  | 26,940,911 |  |  | 26,722,342 |
Less: current portion of credit facility debt | (78,750) |  |  | (78,750) |  |  | (78,750) |  |  | (78,750) |
Less: current portion of senior notes | (1,000,000) |  |  | (995,552) |  |  | (1,000,000) |  |  | (989,917) |
Less: current portion of finance lease obligations | (89,694) |  |  | (89,694) |  |  | (63,454) |  |  | (63,454) |
Less: current portion of notes payable and supply chain financing | (132,749) |  |  | (132,749) |  |  | (113,592) |  |  | (113,592) |
|  |  |  |  |  | (1,301,193) |  |  | (1,296,745) |  |  | (1,255,796) |  |  | (1,245,713) |
Long-term debt | $ | 25,857,440 |  |  | $ | 25,692,323 |  |  | $ | 25,685,115 |  |  | $ | 25,476,629 |
(a)The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the acquisitions of Cequel Corporation and Cablevision Systems Corporation. (b)At June 30, 2021, $139,925 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,010,075 of the facility was undrawn and available, subject to covenant limitations. (c)The revolving credit facility of an aggregate principal amount of $2,475,000 is priced at LIBOR plus 2.25%. In March 2021, a lender under the revolving credit facility extended the maturity date and reduced the interest rate on its aggregate principal amount of $200,000 which had an original maturity date of November 2021 and was priced at LIBOR plus 3.25%. (d)There were no borrowings outstanding under the Lightpath Revolving Credit Facility which provides for commitments in an aggregate principal amount of $100,000. Borrowings bear interest at a rate per annum equal to the adjusted LIBOR 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, 2.25% per annum and (ii) with respect to any eurodollar loan, 3.25% per annum. (e)Includes $122,176 related to supply chain financing agreements that are required to be repaid within one year from the date of the respective agreement. The decrease in the principal amount at June 30, 2021 includes a $59,451 reclassification to collateralized indebtedness in connection with the maturity of a monetization contract related to the synthetic monetization closeout transaction in November 2019. In May 2021, CSC Holdings issued $1,500,000 in aggregate principal amount of senior guaranteed notes that bear interest at a rate of 4.500% and mature on November 15, 2031 and $500,000 in aggregate principal amount of senior notes that bear interest at a rate of 5.000% which also mature on November 15, 2031. The net proceeds from the sale of these notes were used to early redeem the $1,498,806 aggregate principal amount of CSC Holdings' 5.500% senior guaranteed notes due May 15, 2026, plus pay accrued interest and the associated premium related to the early redemption of these notes. The remaining proceeds were used for general corporate purposes, including repayment of borrowings under the CSC Holdings revolving credit facility and share repurchases. In connection with the early redemption, the Company recognized a loss on the extinguishment of debt aggregating $51,712, reflecting the early redemption premium and the write-off of unamortized deferred financing costs on these notes. For financing purposes, the Company has two debt silos: CSC Holdings and Lightpath. The CSC Holdings silo is structured as a restricted group (the "Restricted Group") and an unrestricted group, which includes certain designated subsidiaries and investments (the "Unrestricted Group"). The Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries excluding Cablevision Lightpath LLC ("Lightpath"), a 50.01% owned subsidiary of the Company, which became an unrestricted subsidiary in September 2020. These Restricted Group subsidiaries are subject to the covenants and restrictions of the 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 credit facility and indentures governing the notes issued by Lightpath. Both CSC Holdings and Lightpath's credit facilities agreements contain certain customary representations and warranties, affirmative covenants and events of default (including, among others, an event of default upon a change of control). If an event of default occurs, the lenders under the credit facilities will be entitled to take various actions, including the acceleration of amounts due under the credit facilities and all actions permitted to be taken by a secured creditor. As of June 30, 2021, CSC Holdings and Cablevision 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 maturities of debt payable by the Company under its various debt obligations outstanding as of June 30, 2021, including notes payable and collateralized indebtedness (see Note 11), but excluding finance lease obligations (see Note 8), are as follows:
2021 |  |  |  |  |  | $ | 1,134,897 |
2022 |  |  |  |  |  | 768,484 |
2023 |  |  |  |  |  | 1,841,383 |
2024 |  |  |  |  |  | 1,153,889 |
2025 |  |  |  |  |  | 2,823,750 |
Thereafter |  |  |  |  |  | 19,236,438 |

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