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Cablevision buying back $1.4B in debt

Fri, 02/13/2009 - 7:20am
Brian Santo

Cablevision Systems is looking to buy back and retire about $1.4 billion in debt soon to come due, using the proceeds from two separate bond sales conducted in recent weeks.

Cablevision and its subsidiary CSC holdings are offering a premium for $500 million in senior notes due April 1, $500 million in senior notes due July 15, and another $400 million in senior debentures due Aug. 15.

Cablevision said payments for securities purchased will include accrued and unpaid interest from, and including, the last interest payment date applicable to the relevant series of securities to, but excluding, the applicable settlement date.

While Cablevision is apparently achieving some success in managing its debt in a tight credit market, the market is still skeptical. Moody’s Investors Service evaluated Cablevision’s most recent bond sale, a $500 million debt offering, and assigned it a B1 rating. In other words, Moody’s gave the recent Cablevision offer the status of junk bonds.

More Broadband Direct 02/13/09:
•  Stimulus bill directs FCC to create broadband policy
•  Mediacom serves up free basic tier until June 12
•  Charter prepares for Chapter 11 filing
•  Time Warner Cable spin-off gets green light
•  Verizon names Killian as CFO
•  Cablevision buying back $1.4B in debt
•  BigBand swings to profit, lays off 10%
•  Consumer groups: FTC online ad policy falls short
•  Embarq 4Q profit flat on lower sales
•  Broadband Briefs for 02/13/09

 

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