S&P: Cablevision unchanged

Standard & Poor's said the upsizing of CSC Holdings LLC'S 6¾% senior notes due 2021 does not affect the rating on the issue or other ratings on parent company Cablevision Systems Corp. or related entities.

The rating on the new senior notes, which were increased to $1 billion from $500 million, remains at BB with a 3 recovery rating, indicating 50% to 70% expected recovery in a default.

The notes are being sold under Rule 144A with registration rights.

The proceeds, along with some of the proceeds from a concurrent $600 million term loan, will be used for debt refinancing, including a tender offer for three series of outstanding senior notes for up to an aggregate purchase price of $1.25 billion.

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