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DEBT
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
DEBT DEBT
The following table provides details of the Company's outstanding debt:
Interest RateSeptember 30, 2020December 31, 2019
Date IssuedMaturity DatePrincipal AmountCarrying Amount (a)Principal AmountCarrying Amount (a)
CSC Holdings Senior Notes:
November 15, 2011November 15, 20216.750 %$1,000,000 $987,137 $1,000,000 $979,178 
September 27, 2012September 15, 20225.875 %649,024 613,049 649,024 600,849 
May 23, 2014June 1, 20245.250 %750,000 693,654 750,000 683,940 
October 18, 2018July 15, 20257.750 %(e)— — 1,740 1,695 
October 9, 2015October 15, 202510.875 %(f)— — 1,684,221 1,665,237 
October 18, 2018April 1, 20287.500 %4,118 4,112 4,118 4,112 
November 27, 2018July 15, 20257.750 %(e)— — 617,881 605,583 
November 27, 2018April 1, 20287.500 %1,045,882 1,044,386 1,045,882 1,044,278 
July 10 and October 7, 2019January 15, 20305.750 %2,250,000 2,286,884 2,250,000 2,289,168 
June 16, 2020December 1, 20304.625 %2,325,000 2,371,370 — — 
8,024,024 8,000,592 8,002,866 7,874,040 
CSC Holdings Senior Guaranteed Notes:
October 9, 2015October 15, 20256.625 %(f)— — 1,000,000 989,483 
September 23, 2016April 15, 20275.500 %1,310,000 1,305,820 1,310,000 1,305,430 
January 29, 2018February 1, 20285.375 %1,000,000 993,302 1,000,000 992,757 
November 27, 2018July 15, 20235.375 %(e)— — 1,095,825 1,081,879 
November 27, 2018May 15, 20265.500 %1,498,806 1,487,199 1,498,806 1,485,911 
January 24, 2019February 1, 20296.500 %1,750,000 1,747,181 1,750,000 1,746,996 
June 16, 2020December 1, 20304.125 %1,100,000 1,095,188 — — 
August 16, 2020February 15, 20313.375 %1,000,000 996,623 — — 
7,658,806 7,625,313 7,654,631 7,602,456 
Lightpath Senior Notes:
September 29, 2020September 15, 20285.625 %(g)$415,000 $413,320 $— $— 
Lightpath Senior Secured Notes:
September 29, 2020September 15, 20273.875 %(h)450,000 447,495 — — 
865,000 860,815 — — 
CSC Holdings Restricted Group Credit Facility:
Revolving Credit Facility(c)2.483 %(b)200,000 190,322 — — 
Term Loan BJuly 17, 20252.402 %2,902,500 2,890,975 2,925,000 2,911,729 
Incremental Term Loan B-3January 15, 20262.402 %1,255,875 1,251,268 1,265,438 1,260,200 
Incremental Term Loan B-5April 15, 20272.652 %2,985,000 2,963,564 3,000,000 2,976,358 
7,343,375 7,296,129 7,190,438 7,148,287 
Collateralized indebtedness (see Note 11)1,699,566 1,609,281 1,699,566 1,585,088 
Finance lease obligations (see Note 8)155,528 155,528 69,420 69,420 
Notes payable and supply chain financing (d)164,992 154,425 156,519 140,994 
25,911,291 25,702,083 24,773,440 24,420,285 
Less: current portion of credit facility debt(72,750)(72,750)(65,250)(65,250)
Less: current portion of finance lease obligations(59,815)(59,815)(22,017)(22,017)
Less: current portion of notes payable and supply chain financing(93,467)(93,467)(83,415)(83,415)
(226,032)(226,032)(170,682)(170,682)
Long-term debt$25,685,259 $25,476,051 $24,602,758 $24,249,603 
(a)The carrying amount is net of the unamortized deferred financing costs and/or discounts/premiums and with respect to certain notes, a fair value adjustment resulting from the Cequel and Cablevision acquisitions.
(b)At September 30, 2020, $137,920 of the revolving credit facility was restricted for certain letters of credit issued on behalf of the Company and $2,137,080 of the facility was undrawn and available, subject to covenant limitations.
(c)The revolving credit facility of an aggregate principal amount of $2,275,000 matures in January 2024 and is priced at LIBOR plus 2.25%. The remaining revolving credit facility of an aggregate principal amount of $200,000 matures in November 2021 and is priced at LIBOR plus 3.25%.
(d)Includes $86,132 related to supply chain financing agreements that is required to be repaid within one year from the date of the respective agreement. The principal amounts include $59,451 of notes payable that will be reclassified to collateralized indebtedness upon the maturity, in January 2021, of a monetization contract related to the synthetic monetization closeout transaction in November 2019.
(e)These notes were repaid in July 2020 with proceeds from the issuance of new notes in June 2020. See discussion below.
(f)These notes were repaid in August 2020 with proceeds from the issuance of new notes. See discussion below.
(g)The carrying amount does not reflect underwriting fees of approximately $7,300 that are payable upon the closing of the Lightpath transaction.
(h)The carrying amount does not reflect underwriting fees of approximately $7,900 that are payable upon the closing of the Lightpath transaction.
In June 2020, CSC Holdings issued $1,100,000 in aggregate principal amount of senior guaranteed notes that bear interest at a rate of 4.125% and mature on December 1, 2030 and $625,000 in aggregate principal amount of senior notes that bear interest at a rate of 4.625% and mature on December 1, 2030. The net proceeds from the sale of the these notes was used in July 2020 to early redeem the $1,095,825 aggregate principal amount of CSC Holdings' 5.375% senior notes due July 15, 2023, the $617,881 and the $1,740 aggregate principal amount of CSC Holdings' 7.750% senior notes due July 15, 2025, plus pay accrued interest and the associated premiums related to the early redemption of these notes. In connection with the early redemptions, the Company recognized a loss on the extinguishment of debt aggregating $62,096, reflecting the early redemption premiums and the write-off of outstanding deferred financing costs on these notes.
In August 2020, CSC Holdings issued $1,000,000 in aggregate principal amount of new senior guaranteed notes that bear interest at a rate of 3.375% and mature on February 15, 2031 and an additional $1,700,000 in aggregate principal
amount of its 4.625% senior notes that mature on December 1, 2030 at a price of 103.25% of the aggregate principal amount. The net proceeds from the sale of the notes was used to early redeem the $1,684,221 aggregate principal amount of CSC Holdings' 10.875% senior notes due October 15, 2025, the $1,000,000 aggregate principal amount of CSC Holdings' 6.625% senior guaranteed notes due October 15, 2025, plus pay accrued interest and the associated premiums related to the early redemption of these notes. In connection with the early redemptions, the Company recognized a loss on the extinguishment of debt aggregating $188,393, reflecting the early redemption premiums and the write-off of outstanding deferred financing costs on these notes.
For financing purposes, the Company is structured as a restricted group (the "Restricted Group") and an unrestricted group, which includes certain designated subsidiaries and investments (the "Unrestricted Group"). The Restricted Group is comprised of CSC Holdings and substantially all of its wholly-owned operating subsidiaries. These subsidiaries are subject to the covenants and restrictions of the credit facility and indentures governing the notes issued by CSC Holdings. Cablevision Lightpath LLC became an unrestricted subsidiary prior to the issuance of its senior notes and senior secured notes in September 2020. See discussion below regarding the Lightpath debt financing.
CSC Holdings' credit facilities agreement contains certain customary representations and warranties, affirmative covenants and events of default (including, among others, an event of default upon a change of control). If an event of default occurs, the lenders under the credit facilities will be entitled to take various actions, including the acceleration of amounts due under the credit facilities and all actions permitted to be taken by a secured creditor.
As of September 30, 2020, CSC Holdings was in compliance with all of its financial covenants under its credit facilities and with all of its financial covenants under the indentures under which the senior and senior guaranteed notes were issued.
Lightpath Debt Financing
On September 29, 2020, in connection with the Lightpath Transaction, Cablevision Lightpath LLC ("Lightpath") issued $450,000 in aggregate principal amount of senior secured notes that bear interest at a rate of 3.875% and mature on September 15, 2027 and $415,000 in aggregate principal amount of senior notes that bear interest at a rate of 5.625% and mature on September 15, 2028. Prior to the issuance of these notes, Lightpath became an unrestricted subsidiary under the terms of CSC Holdings' debt. The gross proceeds of $865,000 from the issuance of these notes were deposited into escrow accounts pending the consummation of the Lightpath Transaction and have been reflected as restricted cash on our consolidated balance sheet at September 30, 2020.
In addition, on September 29, 2020, Lightpath entered into a credit agreement between, inter alios, certain lenders party thereto and Goldman Sachs Bank USA, as administrative agent, and Deutsche Bank Trust Company Americas, as collateral agent, (the "Lightpath Credit Agreement") which provides for, among other things, (i) a term loan in an aggregate principal amount of $600,000 (the “Lightpath Term Loan Facility”) at a price of 99.5% of the aggregate principal amount, which will be available in a single drawing, and (ii) revolving loan commitments in an aggregate principal amount of $100,000 (the “Lightpath Revolving Credit Facility"). As of September 30, 2020, there were no borrowings outstanding under the Lightpath Credit Agreement.
The loans made pursuant to the Lightpath Credit Agreement may be comprised of eurodollar borrowings or alternative base rate borrowings, and will bear interest at a rate per annum equal to the adjusted LIBOR 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 eurodollar loan, 3.25% per annum. The maturity date of the (i) Lightpath Term Loan Facility is expected to be on the seventh anniversary of the first date on which funds are drawn and (ii) Lightpath Revolving Credit Facility is expected to be on the fifth anniversary of the first date on which funds are drawn.
Lightpath does not expect to draw upon the Lightpath Term Loan Facility until the closing of the Lightpath Transaction. To the extent the Lightpath Term Loan Facility is drawn upon prior to the closing of the Lightpath Transaction, the proceeds will be deposited into segregated escrow accounts.
Loss on Extinguishment of Debt and the Write-off of Deferred Financing Costs
The following tables provide a summary of the loss on extinguishment of debt and the write-off of deferred financing costs recorded by the Company upon the redemption of senior notes and the refinancing of credit facilities:
Three and Nine Months Ended
September 30, 2020
CSC Holdings 5.375% Senior Guaranteed Notes due 2023$26,721 
CSC Holdings 7.75% Senior Notes due 202535,375 
CSC Holdings 10.875% Senior Notes due 2025136,249 
CSC Holdings 6.625% Senior Guaranteed Notes due 202552,144 
$250,489 
Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
Cablevision 5.125% Senior Notes due 2021$503 $503 
CSC Holdings 10.125% Senior Notes due 2023— 154,666 
Refinancing and subsequent amendment to CSC Holdings credit facility
— 4,430 
$503 $159,599 

Summary of Debt Maturities
The future maturities of debt payable by the Company under its various debt obligations outstanding as of September 30, 2020, including notes payable and collateralized indebtedness (see Note 11), but excluding finance lease obligations (see Note 8), are as follows:
2020 (excluding the nine months ended September 30, 2020)$19,100 
20211,182,893 
2022728,667 
20231,835,383 
20241,006,727 
Thereafter20,982,993