CSC Holdings increases incremental term loan B to $1.5 billion

By Sara Rosenberg

New York, Jan. 12 – CSC Holdings LLC upsized its eight-year incremental term loan B to $1.5 billion from $500 million, according to a market source.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, BNP Paribas Securities Corp. and Credit Agricole are the leads on the deal.

Proceeds will be used with a $1 billion senior note offering, upsized from $500 million, to refinance $300 million of 7 7/8% senior debentures due February 2018, refinance all $750 million of 7¾% Cablevision senior notes due April 2018, and to fund a dividend of $1.5 billion to Cablevision, the direct parent of the issuer, which will in turn use those proceeds to fund a dividend to Altice USA Inc.

Altice will then use those proceeds to fund a dividend to its stockholders immediately prior to and in connection with the separation of Altice USA from Altice NV.

CSC Holdings is a Bethpage, N.Y.-based cable operator.

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