CSC increases cap in tender for 7 5/8%, 6¾% notes to $975 million

By Jennifer Chiou

New York, Sept. 24 - Cablevision Systems Corp. announced that its subsidiary, CSC Holdings, Inc., released the early results and has again increased the cap in its tender offer, this time to up to $975 million from $900 million total of its $1 billion of 7 5/8% senior notes due 2011 and $500 million of 6¾% senior notes due 2012.

The company previously had set the cap at $500 million.

As of the early deadline of 5 p.m. ET on Sept. 23, holders had tendered $670,049,000 of the 7 5/8% notes and $292,931,000 of the 6¾% notes.

The offer will still expire at 11:59 p.m. ET on Oct. 6. It began on Sept. 10.

For each $1,000 principal amount, the company will pay $1,050.00 for the 7 5/8% notes and $1,046.25 for the 6¾% notes, both including a $30.00 early tender premium for those who tender by the first deadline.

The notes are listed in priority acceptance order.

The company will also pay accrued interest to the settlement date.

The dealer managers are Bank of America Merrill Lynch (888 292-0700 or call collect 646 855-3401), Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) and Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 538-1862). MacKenzie Partners (800 322-2885 or call collect 212 929-5500) is the information agent.

The issuer is a Bethpage, N.Y.-based media and entertainment company.

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