Cablevision closes $1.25 billion debt offering
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.