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Cablevision unit begins $750 million tender offer for 8½%, 6¾% notes
By Angela McDaniels
Tacoma, Wash., Oct. 31 - Cablevision Systems Corp. subsidiary CSC Holdings, LLC began tender offers for its $500 million of 8½% senior notes due 2013, $191,934,000 of 6¾% senior notes due 2012 and $834 million of 8½% senior notes due 2014, according to a company news release.
The notes are listed in order of acceptance priority level. The total purchase price for the notes is capped at $750 million, excluding interest.
For each $1,000 principal amount, the company is offering $1,085 for the 8½% notes due 2015, $1,020 for the 6¾% notes and $1,125 for the 8½% notes due 2014.
These amounts include an early tender premium for notes tendered by 5 p.m. ET on Nov. 14, the early tender date. The premium is $30 for the 8½% notes and $20 for the 6¾% notes.
The company will also pay accrued interest up to but excluding the applicable payment date.
The tender offers will expire at 11:59 p.m. ET on Nov. 29.
For 8½% notes due 2015 and 6¾% notes tendered by the early tender date and accepted for purchase, the payment date will be promptly following the early tender date. For all remaining accepted notes, the payment date will be promptly following the expiration date.
The tender offers are not conditioned on any minimum number of notes being tendered. They are conditioned on the completion of the company's proposed offering of senior notes.
The offers will be funded with the proceeds of the new notes and from a proposed extension of the company's term A credit facility.
The dealer managers are J.P. Morgan Securities LLC (866 834-4666 or 212 834-3506), Bank of America Merrill Lynch (888 292-0700 or 646 855-3401), Barclays Capital Inc. (800 438-3242 or 212 528-7581), Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) and UBS Securities LLC (888 719-4210 or 203 719-4210).
The information agent is MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500).
Cablevision is a media and telecommunications companies based in Bethpage, N.Y.
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