Cablevision 2011 Annual Report Download - page 87

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Senior Notes
Issuance of CSC Holdings 6-3/4% Senior Notes Due 2021
In November 2011, CSC Holdings issued $1,000,000, aggregate principal amount of 6-3/4% senior notes
due November 15, 2021 (the "2021 Notes"). CSC Holdings used the net proceeds of this offering, along
with proceeds from the Term A-4 extended loan facility, to repurchase portions of its 8-1/2% senior notes
due 2015, 6-3/4% senior notes due 2012 and 8-1/2% senior notes due 2014 (discussed below), and for
general corporate purposes. The 2021 Notes bear interest at a rate of 6-3/4% per annum and mature on
November 15, 2021. In connection with the issuance of these debt securities, the Company incurred
deferred financing costs of $21,433, which are being amortized to interest expense over the term of the
2021 Notes.
Tender Offer for Senior Notes
In October 2011, CSC Holdings commenced a cash tender offer for (1) its outstanding $500,000
aggregate principal amount of 8-1/2% senior notes due June 2015 ("June 2015 Notes") for total
consideration of $1,085 per $1,000 principal amount of notes tendered for purchase, consisting of tender
offer consideration of $1,055 per $1,000 principal amount of notes plus an early tender premium of $30
per $1,000 principal amount of notes, (2) its outstanding $191,934 aggregate principal amount of 6-3/4%
senior notes due April 2012 ("CSC Holdings April 2012 Notes") for total consideration of $1,020 per
$1,000 principal amount of notes tendered for purchase, consisting of tender offer consideration of $1,000
per $1,000 principal amount of notes plus an early tender premium of $20 per $1,000 principal amount of
notes, and (3) its outstanding $834,000 aggregate principal amount of 8-1/2% senior notes due April 2014
("April 2014 Notes") for total consideration of $1,125 per $1,000 principal amount of notes tendered for
purchase, consisting of tender offer consideration of $1,095 per $1,000 principal amount of notes plus an
early tender premium of $30 per $1,000 principal amount of notes.
In connection with the tender offer described above, CSC Holdings repurchased approximately $379,500
aggregate principal amount of the June 2015 Notes, approximately $44,600 aggregate principal amount of
the CSC Holdings April 2012 Notes, and approximately $258,400 aggregate principal amount of the
April 2014 Notes. The total amount validly tendered represented approximately 76% of the outstanding
principal amount of the June 2015 Notes, approximately 23% of the outstanding principal amount of the
CSC Holdings April 2012 Notes, and approximately 31% of the outstanding principal amount of the April
2014 Notes. Tender premiums aggregating $65,433, along with other transaction costs of approximately
$957, have been recorded in loss on extinguishment of debt in the consolidated statement of income for
the year ended December 31, 2011. In addition, unamortized deferred financing costs and discounts
related to the portion of the June 2015 Notes, April 2014 Notes and CSC Holdings April 2012 Notes
repurchased aggregating approximately $21,302 were written-off in 2011.
Repurchase of Debt Securities
In September 2011, CSC Holdings repurchased $52,683 aggregate principal amount of its outstanding 6-
3/4% senior notes due 2012 and $10,000 aggregate principal amount of its outstanding 8-1/2% senior
notes due 2014 with cash on hand. In connection with these repurchases, the Company recognized a loss
on extinguishment of debt of approximately $2,218, primarily representing the payments in excess of the
principal amount thereof and the write-off of the unamortized deferred financing costs and discounts
associated with these notes of approximately $810.
In December 2011, CSC Holdings repurchased $86,339 aggregate principal amount of its outstanding 6-
3/4% senior notes due 2012 with cash on hand. In connection with this repurchase, the Company