Cablevision Systems announces completion of offering of Depositary shares.WOODBURY, N.Y.--(BUSINESS WIRE)--Feb. 21, 1996--Cablevision Systems Corporation (CVC See CSC. :ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) announced today that it has sold in a private offering 6.5 million Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. shares representing 65,000 shares of its 11 1/8% Series L 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 initial liquidation preference of $650 million. The proceeds of the offering will be used by the Company to make a capital contribution to its V Cable, Inc. subsidiary (which will use such funds to repay indebtedness) and reduce 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 $10,000 per share ($100 per Depositary Share). The Preferred Shares may be redeemed at a premium at the option of the Company at any time after April 1, 2003, and are mandatorily redeemable on April 1, 2008. Dividends on the shares may be paid in kind until April 1, 2001, and thereafter must be paid in cash. The shares are exchangeable, at the option of the Company, into the Company's 11 1/8% Senior Subordinated Debentures due 2008 on or after April 1, 1996. Cablevision Systems Corporation is the nation's sixth largest operator of cable television systems, serving 2.7 million customers in 19 states. CONTACT: Cablevision Systems Corporation Charles Schueler 516/393-1399 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion