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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The following table provides details of our outstanding debt:
Interest Rate at March 31, 2024March 31, 2024December 31, 2023
Date IssuedMaturity DatePrincipal AmountCarrying Amount (a)Principal AmountCarrying Amount (a)
CSC Holdings Senior Notes:
May 23, 2014 (g) $— $— $750,000 $742,746 
October 18, 2018April 1, 20287.500 %4,118 4,115 4,118 4,114 
November 27, 2018April 1, 20287.500 %1,045,882 1,044,982 1,045,882 1,044,933 
July 10 and October 7, 2019January 15, 20305.750 %2,250,000 2,274,997 2,250,000 2,275,915 
June 16 and August 17, 2020December 1, 20304.625 %2,325,000 2,358,046 2,325,000 2,359,078 
May 13, 2021November 15, 20315.000 %500,000 498,563 500,000 498,525 
6,125,000  6,180,703 6,875,000 6,925,311 
CSC Holdings Senior Guaranteed Notes:
September 23, 2016April 15, 20275.500 %1,310,000 1,307,868 1,310,000 1,307,709 
January 29, 2018February 1, 20285.375 %1,000,000 996,162 1,000,000 995,940 
January 24, 2019February 1, 20296.500 %1,750,000 1,748,177 1,750,000 1,748,098 
June 16, 2020December 1, 20304.125 %1,100,000 1,096,607 1,100,000 1,096,499 
August 17, 2020February 15, 20313.375 %1,000,000 997,631 1,000,000 997,556 
May 13, 2021November 15, 20314.500 %1,500,000 1,495,715 1,500,000 1,495,598 
April 25, 2023May 15, 202811.250 %1,000,000 994,334 1,000,000 994,072 
January 25, 2024January 31, 202911.750 %2,050,000 2,031,568 — — 
10,710,000 10,668,062 8,660,000 8,635,472 
CSC Holdings Restricted Group Credit Facility:
Revolving Credit Facility (b)July 13, 20277.678 %1,600,000 1,596,861 825,000 821,632 
Term Loan B (f)— — 1,520,483 1,518,530 
Incremental Term Loan B-3 (f)— — 521,744 520,988 
Incremental Term Loan B-5 (c)April 15, 20277.940 %2,880,000 2,869,447 2,887,500 2,876,131 
Incremental Term Loan B-6 (d)January 15, 20289.825 %1,981,923 1,945,521 1,986,928 1,948,503 
6,461,923 6,411,829 7,741,655 7,685,784 
Lightpath Senior Notes:
September 29, 2020September 15, 20285.625 %415,000 409,407 415,000 409,136 
Lightpath Senior Secured Notes:
September 29, 2020September 15, 20273.875 %450,000 444,759 450,000 444,410 
Lightpath Term Loan (e)November 30, 20278.690 %580,500 571,011 582,000 571,898 
Lightpath Revolving Credit Facility— — — — 
1,445,500 1,425,177 1,447,000 1,425,444 
Finance lease obligations201,250 201,250 228,356 228,356 
Notes payable and supply chain financing174,798 174,798 174,594 174,594 
25,118,471 25,061,819 25,126,605 25,074,961 
Less: current portion of credit facility debt(56,019)(56,019)(61,177)(61,177)
Less: current portion of finance lease obligations(113,300)(113,300) (123,636)(123,636)
Less: current portion of notes payable and supply chain financing(174,798)(174,798)(174,594)(174,594)
(344,117)(344,117)(359,407)(359,407)
Long-term debt$24,774,354 $24,717,702 $24,767,198 $24,715,554 
(a)The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums.
(b)At March 31, 2024, $137,512 of the revolving credit facility was restricted for certain letters of credit issued on our behalf and $737,488 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 Term SOFR credit adjustment spread of 0.10%) plus 2.25% per annum.
(c)Incremental Term Loan B-5 requires quarterly installments of $7,500 and bears interest at a rate equal to Synthetic USD London Interbank Offered Rate ("LIBOR") plus 2.50% 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)Pursuant to the loan agreement, interest will be calculated for any (i) SOFR loan, at a rate per annum equal to the Term SOFR (plus spread adjustments of 0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively) or (ii) the alternate base rate loan, at the alternative base rate as applicable, plus the applicable margin in each case, where the applicable margin is 2.25% per annum with respect to any alternate base rate loan and 3.25% per annum with respect to any SOFR loan.
(f)The Term Loan B and Incremental Term Loan B-3 were repaid with proceeds from the issuance of senior guaranteed notes in January 2024. See discussion below.
(g)The 5.250% senior notes were redeemed in February 2024 with proceeds from drawings under the CSC Holdings Revolving Credit Facility. See discussion below.
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 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.
CSC Holdings Revolving Credit Facility
During the three months ended March 31, 2024, CSC Holdings borrowed $900,000 under its revolving credit facility and repaid $125,000 of amounts outstanding under the revolving credit facility.
CSC Holdings Senior Guaranteed Notes and Senior Notes
In January 2024, CSC Holdings issued $2,050,000 in aggregate principal amount of senior guaranteed notes due 2029. These notes bear interest at a rate of 11.750% and will mature on January 31, 2029. The proceeds from the sale of these notes were used to (i) repay the outstanding principal balance of the Term Loan B, (ii) repay the outstanding principal balance of the Incremental Term Loan B-3, and (iii) pay the fees, costs and expenses associated with these transactions. In connection with these transactions, we recorded a write-off of the outstanding deferred financing costs on these loans of $2,598.
In February 2024, we redeemed the CSC Holdings 5.250% Senior Notes and 5.250% Series B Senior Notes due June 2024 with proceeds under the CSC Revolving Credit Facility. In connection with these transactions, we recorded a write-off of the outstanding deferred financing costs on these notes of $4,437.
Lightpath Credit Facility
In February 2024, Lightpath entered into an extension amendment (the "Extension Amendment") to its amended credit agreement (the "Amended Credit Agreement") that provides for, among other things, (a) an extension of the scheduled maturity date with respect to the 2027 Revolving Credit Commitments (as defined in the Extension Amendment) under the credit agreement to the date (the "New Maturity Date") that is the later of (x) November 30, 2025 and (y) the earlier of (i) June 15, 2027 and (ii) the date that is five business days after any Extension Breach Date (as defined in the Amended Credit Agreement) and (b) incremental revolving credit commitments in an aggregate principal amount of $15,000 which shall be of the same class and type as the 2027 Revolving Credit Commitments and will, for the avoidance of doubt, mature on the New Maturity Date. After giving effect to the Extension Amendment, the aggregate principal amount of revolving loan commitments available under the Amended Credit Agreement equaled $115,000.
Under the Extension Amendment, the aggregate principal amount of 2027 Revolving Credit Commitments equaled $95,000 and the aggregate principal amount of 2025 Revolving Credit Commitments (as defined in the Extension Amendment) equaled $20,000. Interest will be calculated at a rate per annum equal to the adjusted 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, 2.25% per annum and (ii) with respect to any Term SOFR loan, 3.25% per annum.
Debt Compliance
As of March 31, 2024, 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.
Supply Chain Financing Arrangement
We have a supply chain financing arrangement with a financial institution with credit availability of $175,000 that is used to finance certain of our property and equipment purchases. This arrangement extends our repayment terms beyond a vendor’s original invoice due dates (for up to one year) and as such are classified as debt on our consolidated balance sheets.
The following is a rollforward of the outstanding balances relating to our supply chain financing arrangement:
Balance as of December 31, 2023$174,454 
Purchases financed36,278 
Repayments(35,934)
Balance as of March 31, 2024$174,798 
Summary of Debt Maturities
The future principal payments under our various debt obligations outstanding as of March 31, 2024, including notes payable and supply chain financing, but excluding finance lease obligations, are as follows:
2024$180,535 
202592,297 
202656,019 
20276,741,520 
2028 (a)5,371,850 
Thereafter12,475,000 
(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.