Altice USA Announces Final Results of Its Tender Offer

Rhea-AI Summary

Altice USA (NYSE: ATUS) has completed its modified Dutch auction tender offer, repurchasing 64,613,479 shares of Class A common stock at $36.00 per share, totaling approximately $2.33 billion. This transaction accounts for 18.2% of the Class A shares and 12.0% of all outstanding shares. The offer expired on December 21, 2020, and payments for accepted shares will be processed promptly. Altice USA continues to provide broadband and video services to over 5 million customers across the U.S.

Positive

• Repurchased 64,613,479 shares at $36.00 each, totaling around $2.33 billion.
• The repurchase represents 18.2% of Class A common stock and 12.0% of total outstanding shares.

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• None.

Altice USA, Inc. (NYSE: ATUS) (“Altice USA” or the “Company”) announces today the final results of its modified “Dutch auction” tender offer to repurchase up to $2.5 billion of its Class A common stock which expired at one (1) minute after 11:59 p.m., New York City time, on Monday, December 21, 2020. Based on the final count by American Stock Transfer & Trust Company, LLC (“AST”), the Depositary for the tender offer, 64,613,479 shares of Class A common stock were properly tendered and not properly withdrawn at or below the final purchase price of $36.00 per share, including shares that were tendered through notices of guaranteed delivery.

In accordance with the terms and conditions of the tender offer, the Company has accepted for payment 64,613,479 shares of Class A common stock, including all “odd lots” properly tendered, at the final purchase price of $36.00 per share, for an aggregate purchase price of approximately $2.33 billion (excluding fees and expenses relating to the tender offer). These shares represent approximately 18.2% of the Company’s issued and outstanding shares of Class A common stock (or 12.0% of the Company’s total outstanding shares including both Class A and Class B common stock) as of December 21, 2020.

AST will promptly pay for the shares accepted for purchase and will promptly return any other shares tendered and not purchased.

The Information Agent for the Offer was D.F. King & Co., Inc. Goldman Sachs & Co. LLC acted as Financial Advisor to the Company in connection with the Offer.

About Altice USA

Altice USA is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to more than 5 million residential and business customers across 21 states through its Optimum and Suddenlink brands. The company operates a4, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. Altice USA also offers hyper-local, national, international and business news through its News 12, Cheddar and i24NEWS networks.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201228005158/en/

FAQ

What was the outcome of Altice USA's tender offer on December 21, 2020?

Altice USA repurchased 64,613,479 shares at $36.00 each, totaling approximately $2.33 billion.

How much of Altice USA's Class A common stock was repurchased?

The company repurchased 18.2% of its issued and outstanding Class A common stock.

When did the tender offer for Altice USA expire?

The tender offer expired on December 21, 2020.

Who acted as financial advisor for Altice USA's tender offer?

Goldman Sachs & Co. LLC acted as the financial advisor for Altice USA.