Cablevision calls $500 million of 8 5/8% notes due 2017

New York, March 20 – Cablevision Systems Corp. announced the redemption of $500 million of its $900 million of 8 5/8% senior notes due Sept. 15, 2017.

The issuer will carry out the partial redemption on April 1 a par plus accrued interest, according to a notice.

Cablevision previously announced that it planned to carry out the redemption as a condition to the closing of a new credit facility.

The loan is a $3 billion 8.25-year senior secured term loan for CSC Holdings, LLC, known as Optimum.

Proceeds will also be used to refinance the entire $2.5 billion of CSC’s existing term loan due October 2024.

In parallel, Cequel Communications, LLC said it will redeem $450 million of the 6 3/8% senior notes due September 2020 issued by Cequel Communications Holdings I, LLC and Cequel Capital Corp.

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

In addition to the note redemption, Cequel will 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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