Cablevision closes $1.25 billion debt offering

Fri, 04/16/2010 - 8:25am
The Associated Press

BETHPAGE, N.Y. (AP) – Cable TV operator Cablevision Systems Corp. said Thursday it has closed a public offering of $1.25 billion in senior notes.

The company plans to use the proceeds to pay down debt that's coming due soon and to make a tender offer for senior notes due 2012 that carry an 8 percent interest rate.

The notes included $750 million in 7.75 percent senior notes due in April 2018, and $500 million of 8 senior notes in April 2020.

In addition, its subsidiary CSC Holdings LLC has amended its credit facility to extend the maturity date of certain borrowings. The expiration date on about $820 million in commitments on a $1 billion revolving credit line will be extended to March 2015 from February 2012.

About $480 million of its $650 million term loan will now be due in March 2015 instead of February 2012.

In addition, the maturity date of about $1.7 billion of a $2.2 billion term loan is now March 2016 instead of March 2013.

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