BETHPAGE, N.Y.--(BUSINESS WIRE)--CSC Holdings, LLC, a subsidiary of Cablevision Systems Corporation (NYSE: CVC) today announced that it is planning an offering of $500 million aggregate principal of senior notes due 2021.
CSC Holdings intends to use the net proceeds, together with proceeds from a concurrent $600 million extension of its term A credit facility with a group of banks expected to be consummated in connection with the closing of the notes offering and cash on hand, to address the company’s upcoming debt maturities by making a tender offer for its 6.75% Senior Notes due 2012, 8.50% Senior Notes due 2014 and 8.50% Senior Notes due 2015 and for general corporate purposes.
The notes are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
The notes have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes.
Cablevision Systems Corporation is one of the nation's leading media and telecommunications companies. In addition to delivering its Optimum-branded cable, Internet, and voice offerings throughout the New York area, the company owns and operates cable systems serving homes in four Western states. Cablevision’s local media properties include News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision also owns and operates Clearview Cinemas.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.