Cablevision Spins $800M Debt Deal8/13/2004 9:11 AM Eastern
Cablevision Systems Corp. said Friday that its wholly owned subsidiary, Rainbow National Services, has priced an $800 million private offering that it expected to help fund the spinoff of Cablevision into two separate companies.
According to a press release, the offering will comprise $300 million in 8.75% senior notes due 2012 and $500 million of 10.375% senior subordinated notes due 2014.
Closing is scheduled to occur Aug. 20.
Cablevision has said the offering will be used to help fund Rainbow Media Enterprises -- the spinoff of its national cable networks and Rainbow DBS division -- sometime in September.