Cablevision 2013 Annual Report Download - page 88

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floating rate term loan which matures on October 12, 2016 (net of the $160,000 repayment in December
2013 discussed below). Interest under the Newsday Credit Agreement is calculated, at the election of
Newsday LLC, at either the base rate or the eurodollar rate, plus 2.50% or 3.50%, respectively, as
specified in the Newsday Credit Agreement. Borrowings by Newsday LLC under the Newsday Credit
Agreement are guaranteed by CSC Holdings on a senior unsecured basis and certain of its subsidiaries
that own interests in Newsday LLC on a senior secured basis. The Newsday Credit Agreement is secured
by a lien on the assets of Newsday LLC and Cablevision senior notes with an aggregate principal amount
of $611,455 (after the sale of Cablevision senior notes in December 2013 discussed below) owned by
Newsday Holdings. In connection with the Newsday Credit Agreement, the Company incurred deferred
financing costs of approximately $4,558, which are being amortized to interest expense over the term of
the Newsday Credit Agreement.
On December 10, 2013, Newsday LLC made a voluntary repayment of $160,000 on its term loan with the
proceeds it received from CSC Holdings in connection with CSC Holdings' purchase of Cablevision
senior notes with an aggregate principal amount of $142,262 held by Newsday Holdings. The senior
notes were subsequently distributed by CSC Holdings to Cablevision and were canceled.
The principal financial covenant for the Newsday Credit Agreement is a minimum liquidity test of
$25,000 which is tested bi-annually on June 30 and December 31. The Newsday Credit Agreement also
contains customary affirmative and negative covenants, subject to certain exceptions, including
limitations on indebtedness, investments and restricted payments. Certain of the covenants applicable to
CSC Holdings under the Newsday Credit Agreement are similar to the covenants applicable to CSC
Holdings under its outstanding senior notes.
Newsday LLC was in compliance with its financial covenant under the Newsday Credit Agreement as of
December 31, 2013.
Capital Expenditures
The following table provides details of the Company's capital expenditures for continuing operations for
the years ended December 31, 2013 and 2012:
Years Ended
December 31,
2013
2012
Capital Expenditures
Customer premise equipment .............................................................................
$251,886
$299,112
Scalable infrastructure ........................................................................................
311,162
305,720
Line extensions ..................................................................................................
29,040
28,666
Upgrade/rebuild .................................................................................................
34,402
19,525
Support ..............................................................................................................
180,188
197,038
Total Cable .....................................................................................................
806,678
850,061
Lightpath ...........................................................................................................
111,830
93,460
Other .................................................................................................................
33,171
48,065
Total Cablevision ............................................................................................
$951,679
$991,586
Capital expenditures for 2013 decreased $39,907 (4%) as compared to 2012. This decrease was primarily
related to a decrease in purchases of customer premise equipment, equipment for remote storage DVR
and vehicles, partially offset by additional spending for equipment to enhance broadband capacity and
speed and to expand our WiFi network.