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Cablevision subsidiary plans $500M debt offering

Fri, 01/09/2009 - 7:15am
The Associated Press

A Cablevision Systems Corp. subsidiary on Thursday said it plans a $500 million debt offering.

The cable television operator's subsidiary, CSC Holdings Inc., said it was offering senior notes "to certain institutional investors" it did not identify. CSC Holdings said the offering was exempt from federal securities law registration requirements.

Net proceeds will address Cablevision's and CSC's upcoming debt maturities, CSC said.

Bethpage-based Cablevision serves more than 3 million cable subscribers in the New York metropolitan area. Among its other businesses, Cablevision owns New York's Madison Square Garden and New York sports teams, including the Knicks, Rangers and Liberty.

Shares of the company added $1.37, or 8.3 percent, to $17.98 in morning trading.

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