Summary

Altice USA, Inc. (ATUS) became a name of heightened concern after Altice France initiated an LME in FY2024. ATUS lenders anticipated similar activity, and the company’s management hinted at potential moves over the past few quarters. ATUS announced that in July 2025, it issued USD 1bn in asset backed paper and hinted at more to come. This issuance should provide relief to concerned creditors, as it would appear that ATUS is looking at creative financing away from trying to LME US lenders.

In the meantime, ATUS is focused on stemming topline declines and finding a baseline from which to try to grow again. The legacy side of the business continues to face challenges, while the company remains hopeful that wireless and fiber will be what it needs to overcome what otherwise looks like secular decline.  The company reiterated FY2025 EBITDA guidance as part of the 3Q25 release and appears relatively stable from an operational perspective.

The company has a near-term runway to consider its path forward, and the recent placement of asset-backed paper provides a near-term path for the 2027 maturities Given the trading levels for longer dated and more junior parts of the CSC Holdings LLC capital structure, we suspect ATUS continues to think about ways to capture discount and reduce overall debt burden.