Banks Launch $650M TLB For CSC Holdings
June 19, 2008
A bank consortium led by Bank of America today launched a $650 million term loan B for CSC Holdings, a Bethpage, N.Y.-based holding company for cable TV operator Cablevision Systems.
The deal was scheduled to launch Thursday, and at press time, price talk had not been established.
The proceeds from the facility will help finance Cablevision’s acquisition of Long Island, N.Y.-based newspaper Newsday from its current owner, Tribune Co. Commitments for the term loan B are due by the end of the month.
The bid from Cablevision outdid a $580 million offer from News Corp., which owns the New York Post and which recently agreed to purchase The Wall Street Journal. Merrill Lynch and Citigroup are involved in the deal.
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