CSC Holdings lifts term loan B to $2.35 billion, cancels bond plans

By Sara Rosenberg

New York, April 11 - CSC Holdings LLC upsized its seven-year term loan B to $2.35 billion from $1.9 billion as plans to sell $500 million of high-yield bonds were terminated, according to sources.

Pricing on the term loan B is still Libor plus 275 basis points with no Libor floor and an original issue discount of 991/2, and there is still 101 soft call protection for six months.

Commitments are due at noon ET on Friday, sources said.

The company's now $4,785,000,000 credit facility (BBB-), up from $4,335,000,000, also includes a $1.5 billion revolver and a $935 million term loan A, both priced at Libor plus 200 bps.

Bank of America Merrill Lynch, Barclays, Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing bank debt.

CSC Holdings is a subsidiary of Cablevision Systems, a Bethpage, N.Y.-based media and telecommunications company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.