Cablevision unit completes $750 million offer for 8½%, 6¾% notes

By Jennifer Chiou

New York, Nov. 30 - Cablevision Systems Corp. subsidiary CSC Holdings, LLC announced the close of the 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.

The tender offers expired at 11:59 p.m. ET on Nov. 29. They launched on Oct. 31.

The notes are listed in order of acceptance priority level, and the total purchase price for the notes was capped at $750 million, excluding interest.

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

Between that time and the expiration date, holders tendered an additional $7,000 of the 6¾% notes as well as $305,000 of the notes due 2014. All in all, the tender amounts represent 75.89%, 23.24% and 30.98% of the notes, respectively.

For each $1,000 principal amount, the company offered $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 included an early tender premium for notes tendered by the early deadline. The premium was $30.00 for the 8½% notes and $20.00 for the 6¾% notes.

The company also paid accrued interest up to but excluding the applicable payment date.

The tender offers were not conditioned on any minimum number of notes being tendered. They were conditioned on the completion of the company's offering of senior notes.

The offers were funded with the proceeds of the new notes and from a proposed extension of the company's term A credit facility.

The dealer managers were 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 was 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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