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Cablevision cuts spread on $3 billion term loan to Libor plus 225 bps
By Sara Rosenberg
New York, March 15 – Cablevision Systems Corp. (CSC Holdings LLC) trimmed pricing on its $3 billion 8.25-year senior secured term loan to Libor plus 225 basis points from talk of Libor plus 250 bps to 275 bps, according to a news release.
Also, the original issue discount on the term loan was changed to 99.5 from 99.75.
The term loan still has a 0% Libor floor.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance an existing $2.5 billion term loan due October 2024 and $500 million of the 8.625% senior notes.
Cablevision is a Bethpage, N.Y.-based media and telecommunications company.
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