DOW JONES NEWSWIRES
Cablevision Systems Corp. (CVC) announced plans to sell $500
million in notes to repurchase stock from unit CSC Holdings
Inc.
The unit, in turn, will use the proceeds and cash on hand to
repay or repurchase $500 million of notes maturing by 2012.
CSC Holdings is offering $1,050 for each $1,000 of principal in
7.625% notes due 2011 and $1,046.25 for $1,000 principal in 6.75%
notes due 2012. Holders that tender by 5 p.m. EDT Sept. 22 will
receive a $30 early-tender premium. The offer expires Oct. 6.
In July, Fitch Ratings followed in the steps of Moody's by
boosting Cablevision closer to investment-grade territory, saying
its debt levels and earnings were improving.
Later that month, Cablevision said it would spin off its Madison
Square Garden and related assets - like the New York Knicks and
Rangers sports teams - so it could return focus to its core
operations.
Shares closed Tuesday at $23.87 and were inactive premarket. The
stock is up 42% this year.
-By Kevin Kingsbury and Joan E. Solsman; Dow Jones Newswires;
201-938-2136; kevin.kingsbury@dowjones.com
