Cablevision Announces Closing of Offering of $900 Million of Senior Notes
BETHPAGE, N.Y.-(Business Wire)-September 23, 2009 - Cablevision Systems Corporation (NYSE: CVC) today announced that it has closed an offering of $900 million in aggregate principal amount of 8.625% Senior Notes due 2017 at an issue price of 98.596%. The offering was made to certain institutional investors pursuant to an exemption from the registration requirements of the Securities Act of 1933.
Cablevision intends to use the net proceeds to purchase shares of common stock of its wholly owned subsidiary CSC Holdings, Inc. CSC Holdings Inc. will in turn use the proceeds from the sale of its common stock to Cablevision, along with cash on hand, to address the company’s upcoming debt maturities by repaying or repurchasing its senior notes (either its 7.625% senior notes due 2011 or its 6.750% senior notes due 2012) at an aggregate purchase price of up to $975 million.
The senior notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy such notes.
Cablevision Systems Corporation is one of the nation's leading media and entertainment companies. Its cable television operations serve more than 3 million households in the New York metropolitan area. The company's advanced telecommunications offerings include its iO TV® digital television, Optimum Online® high-speed Internet, Optimum Voice® digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision operates several successful programming businesses, including AMC, IFC, Sundance Channel and WE tv, through Rainbow Media Holdings LLC, and serves the New York area as publisher of Newsday and other niche publications through Newsday Media Group. In addition to these businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York's famed Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre, and 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.
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