Cablevision 2011 Annual Report Download - page 86

(80)
$30,000 through September 30, 2016, and a final principal repayment of $360,000 on December 31,
2016. The Term B-2 extended loan facility is subject to quarterly repayments of approximately $3,007
through December 2015 and a final payment of approximately $1,085,585 upon maturity in March 2016.
The Term B-3 extended loan facility is subject to quarterly repayments of approximately $4,196 through
December 2015 and a final payment of approximately $1,581,933 upon maturity in March 2016. The
borrowings under the Restricted Group credit facility may be repaid without penalty at any time.
AMC Networks Distribution
In connection with the AMC Networks Distribution, AMC Networks issued senior notes and senior
secured term loans under its new senior secured credit facility to the Company as partial consideration for
the transfer of certain businesses to AMC Networks. The Company exchanged the AMC Networks
senior notes and senior secured term loans in satisfaction and discharge of $1,250,000 outstanding
indebtedness under its Restricted Group revolving loan and extended revolving loan facilities.
Financial Covenants for the Restricted Group Credit Facility
The principal financial covenants for the Restricted Group credit facility are summarized below:
Maximum
Ratio of Total
Indebtedness to
Cash Flow(a)
Maximum
Ratio of Senior
Secured
Indebtedness to
Cash Flow(a)
Minimum
Ratio of Cash
Flow to Interest
Expense(a)
Minimum
Ratio of Cash
Flow Less Cash
Taxes to Total
Debt(a)
Revolving loan facility ....................... 4.5 3.0 2.0 to 1 1.5 to 1
Extended revolving loan facility ........ 4.5 3.0 2.0 to 1 1.5 to 1
Term A-3 extended loan facility......... 4.5 3.0 2.0 to 1 1.5 to 1
Term A-4 extended loan facility......... 4.5 3.0 2.0 to 1 1.5 to 1
Term B-2 extended loan facility(b) .... 5.0 4.5 n/a n/a
Term B-3 extended loan facility(b) .... 5.0 4.5 n/a n/a
______________
(a) As defined in each respective loan facility.
(b) Incurrence based only.
These covenants and restrictions on the permitted use of borrowed funds in the revolving loan facility
may limit CSC Holdings' ability to utilize all of the undrawn revolver funds. Additional covenants
include limitations on liens and the issuance of additional debt.
Under the Restricted Group credit facility there are generally no restrictions on investments that the
Restricted Group may make, provided it is not in default; however, CSC Holdings must also remain in
compliance with the maximum ratio of total indebtedness to cash flow and the maximum ratio of senior
secured indebtedness to cash flow (each as defined in the term A-1 loan facility). CSC Holdings' ability
to make restricted payments is also limited by provisions in the Term B loan facility, Term B-2 extended
loan facility, Term B-3 extended loan facility, and the indentures covering CSC Holdings' notes and
debentures.
The Restricted Group was in compliance with all of its financial covenants under the Restricted Group
credit facility as of December 31, 2011.