Wednesday, CSC Holdings, Inc., a subsidiary of Cablevision Systems Corp. (CVC), announced the final results of its previously announced cash tender offers for up to $975 million aggregate purchase price of the senior notes. The tender offers expired on October 6.
The company said in the cash tender offer for its 7.625% Senior Notes due 2011, Notes for $674.20 million in principal amount were tendered. Base offer consideration per $1,000 principal amount of senior notes amounted to $1,020 and total offer consideration was $1,050.00. The aggregate principal amount of 7.625% Senior Notes outstanding amounts to $1 billion.
For its 6.750% Senior Notes due 2012, Notes for $293.016 million in principal amount were tendered. Base offer consideration for $1,000 principal amount of senior notes was $1,016.25 and total offer consideration was $1,046.00. Proration factor is 87.16%. The aggregate principal amount of 6.750% Senior Notes outstanding amounts to $500 million.
CSC said the amount of each series of Senior Notes to be purchased in the tender offers was determined in accordance with the "Acceptance Priority Level" subject to the maximum aggregate purchase price of $975 million.
Holders of Senior Notes who validly tendered and did not validly withdraw their Senior Notes prior to September 23 - the Early Tender Date - will receive the applicable Total Offer Consideration plus accrued and unpaid interest up to but not including the settlement date.
Holders who validly tendered their Senior Notes after the Early Tender Date but prior to the Expiration Date will receive the applicable Base Offer Consideration plus accrued and unpaid interest up to but not including the settlement date.
The company expects to make payment for the accepted Senior Notes on or about October 7.
CVC is currently down $0.11 or 0.47% and trades at $23.33.
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