Cablevision Announces $2-Billion Debt Offering
Cablevision Systems Corp. on Monday announced a $2-billion debt offering and said proceeds would be used to reduce debt of its CSC Holdings unit.
The Bethpage, N.Y.-based cable operator also said its previously announced settlement with Yes Network, which carries the majority of New York Yankees games, would lower its cash flow in the first quarter of 2004.
Investors focused on the benefits from Cablevision’s plans to reduce debt of the CSC subsidiary.
“The market likes the prospect that they will bring down their interest rate level,” said David Joyce, an analyst at Guzman & Co. who rates the stock “outperform,” but does not own shares in the company.
Cablevison shares closed at $22.66, up 33 cents, on the New York Stock Exchange.