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Prospect News home > News index > List of issuers C > Headlines for Cablevision Systems Corp. (CSC Holdings) > News item |
Fitch rates Cablevision loan BB+, notes BB
Fitch Ratings said it assigned a BB+ rating to CSC Holdings LLC's proposed $600 million secured term loan and a BB rating to the company's issuance of $1 billion senior notes due 2021.
The proceeds, along with existing cash, will be used to refinance existing bank debt and fund a tender offer for its senior notes maturing during 2012, 2014 and 2015, Fitch said.
CSC Holdings is a wholly owned subsidiary of Cablevision Systems Corp.
The issuance is a modest positive for Cablevision's credit profile as the transaction lengthens the company's maturity profile, Fitch said.
The agency said it estimates that scheduled maturities total about $616 million, $858 million and $1 billion during 2012, 2013 and 2014, respectively.
The company's liquidity position and overall financial flexibility are considered strong, Fitch added.
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