Cablevision Systems seeking amendment to push out loan maturities

By Sara Rosenberg

New York, April 1 - Cablevision Systems Corp. is looking to amend its credit facility to extend maturities and, in return, is offering lenders higher pricing, according to a market source.

Under the amendment proposal, the company is asking to extend $1.25 billion of its term loan B-1 by three years to March 2016, the source said. Pricing on the extended loan will be Libor plus 300 basis points, up from current pricing of Libor plus 175 bps.

In addition, the company wants to extend $650 million of term loan A debt and a $1 billion revolver by three years to 2015, the source continued. Pricing on the extended loans will range from Libor plus 200 bps to 225 bps based on leverage, up from current pricing of Libor plus 75 bps.

Lenders are being offered a 5 bps consent fee, and there's a 50 bps extension fee on revolver commitments only.

Consents are due on April 7.

Bank of America is the lead bank on the amendment that was launched this past Tuesday.

Cablevision is a Bethpage, N.Y.-based telecommunications, media and entertainment company.

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