Cablevision extends $2.98 billion of credit facility commitments

By Sara Rosenberg

New York, April 12 - Cablevision Systems Corp. extended $2.98 billion of its credit facility commitments through its recently approved amend and extend proposal, according to a news release.

Specifically, about $820 million of the $1 billion revolver was extended to March 2015 from February 2012, about $460 million of the $650 million term loan A was extended to March 2015 from February 2012 and about $1.7 billion of the $2.2 billion term loan B was extended to March 2016 from March 2013.

In addition, the company has reached agreements with lenders to increase revolver commitments by roughly $410 million with a maturity date of March 2015.

As was previously reported, pricing on the extended revolver and term loan A ranges from Libor plus 200 basis points to 225 bps based on leverage, up from current pricing of Libor plus 75 bps, and pricing on the extended term loan B is Libor plus 300 basis points, up from current pricing of Libor plus 175 bps.

Lenders were being offered a 5 bps consent fee, and there was a 50 bps extension fee on revolver commitments only.

Consents had been due on April 7 and closing is expected to take place on Tuesday.

Bank of America, JPMorgan and Barclays acted as the joint lead arrangers on the deal.

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

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