OPTU · Optimum Communications, Inc.

Optimum Communications undertook a multi-step capital structure repositioning to protect stakeholder value and facilitate a consensual restructuring of its subsidiary CSC Holdings' $21.8 billion debt. The key actions include: (1) an internal reorganization transferring the Optimum East Cable business and 50.01% stake in Lightpath into a newly formed unrestricted subsidiary, CSC Investments II LLC (Unsub Topco), isolating these assets from potential adverse consequences of a CSC Holdings default; (2) a $300 million private placement of Series A Preferred Units in Unsub Topco to institutional investors, with dividend rates of 13% cash or 15% PIK, providing new capital to fund a tender offer; (3) a private exchange where Unsub Topco issued $212.4 million of preferred units to Next Alt, its controlling stockholder, and management in exchange for common stock at $2.50 per share, implying a premium to the recent market price of $0.658; and (4) a cash tender offer for up to $300 million of Class A common stock at $2.50 per share, open to unaffiliated stockholders. Proceeds from the private placement fund the tender offer. The transactions were approved by a special committee of independent managers of Unsub Topco. A potential registered exchange offer may follow if the tender offer is not fully subscribed. The Company also entered into an amendment to the UnSub Credit Agreement and anticipates engaging with holders of CSC Holdings debt for consensual deleveraging. A critical factor driving these actions is the potential $4 billion+ tax liability that would arise in a non-consensual restructuring from deconsolidation of CSC Holdings and its subsidiaries for U.S. federal income tax purposes. The structure aims to enable CSC Holdings creditors to receive equity in Optimum (rather than assets/equity of CSC Holdings) in a restructuring, thereby avoiding deconsolidation and preserving creditor recoveries. The long-range plan presented in Exhibit 99.2 projects revenue stabilization and Adjusted EBITDA growth from 2028, supported by network modernization and cost initiatives.