In the media: Bresnan to sell notes to aid Cablevision purchase
Tue, 11/30/2010 - 7:25am
Bresnan Broadband Holdings is working on a plan to sell $250 million of eight-year notes in order to aid Cablevision’s purchase of the company.
Cablevision emerged from a field of contenders this past summer as the highest bidder to purchase Bresnan for $1.365 billion.
According to a story by Bloomberg, which cited an unidentified source, Bresnan plans to sell the notes through BBHI Acquisition. In addition to financing the deal, Bresnan will also use some of the proceeds, as well as borrowings under a senior secured credit line and equity from a Cablevision unit, as working capital once the acquisition is completed.
Bloomberg’s source said the notes would be marketed from yesterday through Dec. 1.