Cablevision lifts loan to $2.5 billion, flexes to Libor plus 300 bps

By Sara Rosenberg and Paul A. Harris

New York, Sept. 9 – Cablevision Systems Corp. (CSC Holdings LLC) upsized its eight-year term loan B (Ba1) to $2.5 billion from $1.9 billion and reduced pricing to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance a portion of the company’s existing term loan B due October 2022 that is priced at Libor plus 400 bps with a 1% Libor floor.

Other funds for the refinancing will come from $1.3 billion in bonds, downsized from $1.9 billion with the term loan upsizing.

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

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