Cablevision to redeem $500 million notes, Cequel $450 million notes

New York, March 15 – Cablevision Systems Corp. plans to redeem $500 million of its 8 5/8% senior notes due September 2017 and Cequel Communications, LLC plans to redeem $450 million of the 6 3/8% senior notes due September 2020 issued by Cequel Communications Holdings I, LLC and Cequel Capital Corp.

The redemptions are conditions to closing of two new credit facilities, according to a new release.

For Cablevision, the new financing is a $3 billion 8.25-year senior secured term loan for CSC Holdings, LLC, known as Optimum.

Proceeds will be used to refinance the entire $2.5 billion of CSC’s existing term loan due October 2024 and to redeem the $500 million of notes.

For Cequel, the financing is a $1,265,000,000 8.25-year senior secured term loan for Altice US Finance I Corp., known as Suddenlink.

Proceeds will be used to refinance an $850 million term loan due January 2025 and to redeem the $450 million of notes.

Parent company Altice NV said the refinancing will save $66 million in annual interest costs.

Altice is a Luxembourg-based cable and telecom company.

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