• Optimum Communications announced a series of transactions as part of its ongoing efforts to optimize its capital structure, support long-term sustainable growth, and position the Company for anticipated discussions with holders of its debt regarding a consensual and comprehensive restructuring. There can be no assurance of the ultimate success of these potential discussions in reaching a consensual transaction.
  • The Company completed or initiated several transactions to enhance financial flexibility, including:
    • CSC Investments II LLC, the parent of the unrestricted subsidiaries comprising a portion of Optimum’s East Cable business, completed a Private Placement of $300 million of Preferred Units with leading third-party institutional investors.
    • The Company’s controlling shareholder, Next Alt S.à r.l., exchanged $200 million of Optimum Class A and Class B common stock for newly issued Preferred Units at $2.50 per share in a Private Exchange transaction.
    • CSC Investments II LLC has launched a Cash Tender Offer to Purchase up to 120,000,000 shares of Optimum Class A common stock from public stockholders at a price of $2.50 per share. The Tender Offer is being funded by the proceeds from the Private Placement.
  • In addition, CSC Investments II LLC may launch a registered public exchange offer that would allow Optimum Class A shareholders to exchange their shares for CSC Investments II Preferred Units on substantially similar terms as the Private Exchange, subject to SEC approval and conditioned on the Tender Offer not being fully subscribed and other factors in the Company’s discretion.
  • CSC Investments II LLC is a newly formed unrestricted subsidiary that holds, directly and indirectly, the Company’s equity interests in the unrestricted subsidiaries that comprise the Optimum East Cable business, as well as the Company’s interest in Cablevision Lightpath LLC.
  • As part of the announced transactions, CSC Investments II LLC issued Preferred Units through both a Private Placement and a Private Exchange transaction.
  • CSC Investments II LLC provides the Company with additional financial flexibility and supports future strategic and capital structure opportunities.
  • No. The transactions do not result in any changes to the executive leadership team, day-to-day management, the Company’s operational strategy, or Board composition.
  • The Company continues to be led by the same management team and remains focused on executing its long-term strategic priorities.
  • The transactions, including the Private Exchange Transaction, were approved, as appropriate, by the respective special committees of independent managers at the boards of CSC Holdings, LLC and CSC Investments II LLC.
  • The Company will continue to provide updates through its regular public disclosures and related communications, as appropriate.
  • CSC Investments II LLC remains part of Optimum’s broader organizational structure. It is an indirectly wholly owned subsidiary of Optimum Communications, Inc. and CSC Holdings, LLC and serves as a holding company for certain unrestricted subsidiaries comprising the Optimum East Cable business, as well as the Company’s interest in Cablevision Lightpath LLC.
  • The Company will continue to operate as an integrated business, while maintaining continuity of day-to-day operations.
  • The Private Exchange does not result in a change of control of Optimum. Next Alt S.à r.l. remains the Company’s largest shareholder.
  • Following the Private Exchange Transaction, Next Alt S.à r.l. retains approximately 99.9% of Optimum’s outstanding Class B shares and well in excess of a majority of total voting power.
  • Additional details regarding ownership and voting structure are disclosed in the Company’s SEC filings.
  • Subject to market and other conditions at the time, if significantly fewer shares are tendered in the Cash Tender than the maximum amount sought in the Cash Tender, CSC Investments II intends to pursue a registered Public Exchange Offer following completion of the applicable SEC review process.
  • Further details regarding the potential Public Exchange Offer, including its anticipated timing, are expected to be announced in due course as CSC Investments II continues to prepare required financial and other information to include in the related offer documents.
  • The Preferred Units issued in connection with the Private Placement and Private Exchange include provisions relating to dividends, liquidation preference, redemption, minimum MOIC, and “no-deal enhancement”.
  • The Preferred Units are perpetual preferred interests issued by CSC Investments II LLC, and dividends may be paid in cash or compounded at CSC Investment II’s option.
  • Please refer to the Company’s Form 8-K, which describes the key terms.
  • Dividends accrue quarterly on the stated value of the Preferred Units.
  • The dividend rate is 13.0% per annum if paid in cash or 15.0% if compounded.
  • The dividend rate may increase by an additional 2.0% upon the occurrence of certain triggering events.
  • Preferred Units are redeemable at the greater of:
    • 100% of the then-current stated value; or
    • the amount necessary to achieve the applicable minimum MOIC threshold.
  • Preferred Units also include mandatory redemption provisions tied to specified liquidity, sale, or insolvency-related events.
  • The minimum MOIC provision is designed to establish a minimum return threshold for Preferred Unit holders under specified circumstances.
  • The Tender Offer and potential Public Exchange Offer are intended to provide Optimum Class A shareholders with additional options.
  • The Tender Offer will permit eligible shareholders to tender their shares for cash at $2.50 per share, while the potential Public Exchange Offer, if launched and consummated, would allow shareholders to exchange their Optimum Class A common stock for CSC Investments II Preferred Units on substantially similar economic terms to the new third-party institutional investors and Next Alt S.à r.l., subject to SEC approval and the terms of the applicable offer materials.
  • The Public Exchange Offer, if launched, would allow holders of Optimum Class A common stock to exchange their shares for Preferred Units in CSC Investments II LLC up to an amount equal to $300 million less the aggregate purchase price for shares purchased in the Tender Offer.
  • The Tender Offer is available to holders of Optimum Class A common stock, subject to the terms and conditions described in the offer materials filed with the SEC.
  • If launched, the Public Exchange Offer would also be available to holders of Optimum Class A common stock, subject to SEC approval and applicable terms and conditions.
  • CSC Investments II LLC has commenced a Cash Tender Offer to Purchase shares of Optimum Class A common stock at a price of $2.50 per share.
  • Full terms and conditions of the Tender Offer are described in the Offer to Purchase and related materials filed with the SEC.
  • The Tender Offer price was determined following extensive evaluation by third parties and through appropriate governance review, taking into account multiple factors.
  • The transaction and related governance matters were reviewed through appropriate governance processes, including by independent committees.
  • The Tender Offer will remain open until 5:00 pm, Eastern time, on June 30, 2026, unless extended, amended, or earlier terminated in accordance with its terms and applicable law, including as a result of any regulatory review of the applicable Tender Offer documents.
  • The Tender Offer is not conditioned upon any minimum number of shares being tendered, nor is it subject to any financing condition.
  • The Tender Offer is voluntary.
  • Shareholders who do not tender their shares will continue to hold Optimum common stock and maintain the same rights associated with those shares.
  • In addition, the Company may pursue a future Public Exchange Offer that would provide public shareholders with another potential alternative, subject to SEC review and approval, and conditioned on the Tender Offer not being fully subscribed and other matters within the discretion of the Company.
  • The Company remains focused on executing its long-term operating strategy and creating sustainable shareholder value over time.
  • Subject to other market conditions, other factors described in the Tender Offer documentation, and if significantly fewer than 120,000,000 shares are tendered in the Tender Offer, CSC Investments II intends to pursue a registered Public Exchange Offer, which would allow holders of Optimum Class A common stock to exchange their shares for Preferred Units in CSC Investments II LLC on substantially similar economic terms as the Private Exchange.
  • The Public Exchange Offer is subject to SEC review and effectiveness of a registration statement. Further details regarding timing will be announced in due course.
  • However, if enough shares sought in the Tender Offer are purchased, CSC Investments II does not intend to commence the Public Exchange Offer.
  • Yes. If more than 120,000,000 shares of Class A common stock are tendered, shares will be purchased in the following order:
    • First, from holders of odd lots of fewer than 100 shares;
    • Second, from all other stockholders on a pro rata basis; and
    • Third, from stockholders whose shares were conditionally tendered, to the extent feasible, by random lot.
  • For a copy of the Offer to Purchase containing more information about the Tender Offer, including how to tender your shares, please contact D.F. King & Co., Inc., the information agent for the Tender Offer, at (866) 796-1290.
  • You may also obtain the Offer to Purchase, letter of transmittal, and related materials at the SEC’s website at www.sec.gov, the investor relations section of Optimum’s website at investors.optimum.com, or from D.F. King & Co., Inc. directly.
  • Stockholders should read carefully the Offer to Purchase, letter of transmittal, and related materials, as they contain important information including the terms and conditions of the Tender Offer.

NOTE: All capitalized terms not defined herein shall have the meanings ascribed to those in the Company's public disclosures.

Updated as of: June 1, 2026.