Cablevision Systems Corporation announces completion of offering of preferred stock.WOODBURY, N.Y.--(BUSINESS WIRE)--Sept. 26, 1995--Cablevision Systems Corporation announced today that it has sold in a private offering 2.5 million shares of its 11 3/4% Series G Redeemable Exchangeable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. with an aggregate liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy preference of $250 million. The proceeds of the offering will be used by the company to retire its $100 million of Series E Preferred Stock and to reduce its bank debt. The Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. have an initial liquidation preference of $100 per share. They may be redeemed at a premium at the option of the company at any time after Oct. 1, 2002, and are mandatorily redeemable on Oct. 1, 2007. In addition, up to 33% of the shares may be redeemed at a premium before Oct. 1, 1998 out of the proceeds of an equity investment by a strategic investor or a public offering of common stock. Dividends on the shares may be paid in kind until Oct. 1, 2000, and thereafter must be paid in cash. The shares are exchangeable, at the option of the company, into the company's 11 3/4% Senior Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before due 2007 on or after Jan. 1, 1996. Cablevision Systems Corporation is the nation's sixth largest operator of cable television systems, serving 2.6 million customers in 19 states, 1.4 million of them 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. . CONTACT: Cablevision, Woodbury Charles Schueler, 516/496-1399 |
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