Cablevision Announces Pricing of $900 Million of Senior Notes.
BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE NYSE
See: New York Stock Exchange : CVC See CSC. ) today announced that it has priced 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. The offering is expected to close on September 23, 2009, subject to customary closing conditions.
Cablevision intends to use the net proceeds to purchase shares of common stock of its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. 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 a portion of its senior notes (either its 7.625% senior notes due 2011 or its 6.750% senior notes due 2012) and for general corporate purposes.
The senior notes to be offered 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 New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The company's advanced telecommunications offerings include its iO TV[R] digital television, Optimum Online[R] high-speed Internet, Optimum Voice[R] digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision operates several successful programming businesses, including AMC, IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. , 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
Current arenas in the National Hockey League
Western Conference Eastern Conference and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York's famed Radio City Music Hall Radio City Music Hall
New York City’s famous cinema; home of the Rockettes. [Am. Hist.: NCE, 2338]
See : Theater , 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Management's discussion and analysis (MD&A)
A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.