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TMCNet: Cablevision shares up after new debt offering

[January 08, 2009]

Cablevision shares up after new debt offering

NEW YORK, Jan 08, 2009 (Reuters via COMTEX) --
Shares in New York cable operator Cablevision
Systems Corp rose nearly 12 percent on Thursday after it said one of its units
is planning a $500 million note offering to pay down its due debt.
CSC Holdings Inc, a unit of Cablevision, said the $500 million offering
of senior notes would be made to certain institutional investors in a deal
exempt from registration requirements.
Like many cable companies Cablevision has a heavy debt load with around
$11 billion of net debt and a market capitalization of around $5 billion.
Investors have been concerned that the frozen credit markets may make it
difficult for companies laden with debt to meet their regular interest payments
or raise new credit to pay down due debt.
Cablevision has more than 3 million cable television subscribers in the
New York area. It also owns cable networks like AMC and IFC as well as New York
venues including Madison Square Garden and the Radio City Music Hall.
Cablevision shares rose by $1.96 to $18.56 in early trading on the New
York Stock Exchange.


(Reporting by Yinka Adegoke; Editing by Derek Caney)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging:
Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords:
CABLEVISION/SHARES
(Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters
MediaFile blog)
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