CSC gives early results in $1.25 billion tender for 6¾%, 8½% notes

By Jennifer Chiou

New York, Nov. 15 - CSC Holdings LLC announced the results as of the early tender deadline in the offer for its 8½% senior notes due 2015, 6¾% senior notes due 2012 and 8½% senior notes due 2014.

The maximum purchase price in the offer was upped to $1.25 billion from $750 million at the beginning of the month, and the notes are listed in order of priority acceptance level.

As of 5 p.m. ET on Nov. 14, holders had tendered $379.46 million, or 75.89%, of the 8½% notes due 2015, $44.59 million, or 23.23%, of the 6¾% notes and $258.06 million, or 30.94%, of the 8½% notes due 2014.

CSC Holdings said that it will accept for payment all of the notes due 2015 and 2012 tendered by the early deadline.

For each $1,000 principal amount, the company is offering $1,085 for the $500 million of 8½% notes due 2015, $1,020 for the $191,934,000 of 6¾% notes and $1,125 for the $834 million of 8½% notes due 2014.

The payout figures include an early tender premium for notes tendered by the early deadline, 5 p.m. ET on Nov. 14. The premium is $30 for the 8½% notes and $20 for the 6¾% notes.

Participating holders will also receive accrued interest.

The offer is set to end at 11:59 p.m. ET on Nov. 29.

Proceeds from the company's $600 million term loan A, along with a $1 billion senior notes offering and cash on hand, will be used to fund the offer. There is no minimum tender condition in the offer, but CSC has to obtain sufficient financing.

J.P. Morgan Securities LLC (866 245-8812 or collect 212 270-1200), Bank of America Merrill Lynch (888 292-0700 or collect 646 855-3401), Barclays Capital Inc. (866 438-3242 or collect 212 528-7581), Citigroup Global Markets Inc. (866 558-3745 or collect 212 723-6106) and UBS Securities, LLC (888 719-4210 or collect 203 719-4210) are the dealer managers.

The information agent is MacKenzie Partners, Inc. (800 322-2885 or collect 212 929-5500).

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

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