JPMorgan Supports Altice USA’s Restructuring of TPG and Goldman Loans

JPMorgan Extends $1.1 Billion Loan to Altice USA for Debt Refinancing

JPMorgan Chase & Co. has agreed to provide Altice USA with approximately $1.1 billion in new financing, enabling the company to refinance its existing debt before an early repayment penalty is triggered. This move comes as Altice faces ongoing challenges, including a recent antitrust lawsuit and contentious debt restructuring, leaving creditors unsettled.

According to sources familiar with the situation, the new funding from JPMorgan will allow Altice to pay off a $1 billion asset-backed loan originally secured from Goldman Sachs Group Inc. and TPG Angelo Gordon in July, at its face value. The loan’s call protection period is set to begin soon, after which Altice would be required to pay a premium to refinance the debt.

Top Stories from Bloomberg

Spokespersons for JPMorgan, TPG, and Goldman Sachs declined to comment, while Altice did not immediately respond to requests for a statement.

Efforts to conserve cash at Altice are expected to reassure its creditors. The telecommunications company has been grappling with significant debt and has brought in advisors to explore strategic options.

Recent actions by Altice have unsettled its lenders. In November, the U.S. division of Patrick Drahi’s telecom group filed a lawsuit against creditors including Apollo Capital Management LP, Ares Management LLC, and BlackRock Financial Management Inc., accusing them of forming an “illegal cartel” through a cooperation agreement.

Also in November, Altice—now operating as Optimum Communications Inc.—raised $2 billion from JPMorgan to refinance a loan due in 2028 ahead of schedule. Although this loan included some of the strictest protections for investors in Altice’s capital structure, Moody’s Ratings noted that the new borrowing was backed by collateral removed from existing creditors, effectively giving JPMorgan higher priority for repayment.

The refinancing is being completed before a premium is imposed that could allow lenders to receive up to 116 cents on the dollar. The asset-backed loan maturing in 2031 is secured by receivables from Altice’s Bronx and Brooklyn service areas, as well as network assets, primarily its Hybrid-Fiber Coaxial infrastructure.

Popular Reads from Bloomberg Businessweek

©2026 Bloomberg L.P.