Cablevision 2011 Annual Report Download - page 171

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-47
(other than investments out of excess cash flow and out of the proceeds of the Cablevision senior notes in
excess of the outstanding borrowings and out of a $40,000 basket), and dividends and other restricted
payments (other than in respect of management and guarantee fees and restricted payments out of excess
cash flow and out of the proceeds of the Cablevision senior notes in excess of the outstanding
borrowings). Certain of the covenants applicable to CSC Holdings under the Newsday LLC senior
secured loan facility are similar to the covenants applicable to CSC Holdings under its outstanding senior
notes.
Borrowings by Newsday LLC under its senior secured loan facility are guaranteed by Newsday Holdings
LLC, NMG Holdings, Inc. and CSC Holdings on a senior unsecured basis and secured by a lien on the
assets of Newsday LLC, and the Cablevision senior notes receivable held by Newsday Holdings LLC.
Newsday LLC will generally be prohibited from using the proceeds received from any repayment of the
Cablevision senior notes contributed to Newsday Holdings LLC by CSC Holdings to acquire non-
publicly traded notes or debt instruments of Cablevision or CSC Holdings, and Newsday LLC will be
required under its senior secured loan facility to maintain cash or cash equivalents or publicly traded notes
or debt instruments of Cablevision or CSC Holdings with an aggregate principal amount that exceeds the
then-outstanding borrowings by Newsday LLC under its senior secured loan facility.
In connection with the Newsday LLC loan facility, the Company incurred deferred financing costs of
$1,621 in 2009, which are being amortized to interest expense over the five year term of the credit
facility.
Newsday LLC was in compliance with all of its financial covenants under its credit agreement as of
December 31, 2011.