AMC Networks Announces Pricing of $700 Million of Senior Notes
BETHPAGE, N.Y.--(BUSINESS WIRE)-- AMC Networks Inc., a subsidiary of Cablevision Systems Corporation (NYSE: CVC), today announced that it has priced an offering of $700 million in aggregate principal amount of 7.75% Senior Notes due 2021. The offering is expected to close on June 30, 2011, subject to customary closing conditions.
The senior notes offering is in connection with the previously announced leveraged spin-off of AMC Networks by Cablevision.
The notes are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
The notes have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes.
About AMC Networks Inc.
Following the completion of the spin-off, AMC Networks Inc. will own and operate several of the most popular and award-winning brands in cable television. AMC, WE tv, IFC, Sundance Channel and IFC Films produce and deliver distinctive, compelling and culturally relevant content that engages audiences across multiple platforms. The company will also operate AMC/Sundance Channel Global, an international programming business, and AMC Networks Broadcasting & Technology, a full-service network programming feed origination and distribution company.
About Cablevision Systems Corporation
Cablevision Systems Corporation is one of the nation's leading telecommunications, media and entertainment companies. In addition to delivering its Optimum-branded cable, Internet, and voice offerings throughout the New York area, the company owns and operates cable systems serving homes in four Western states. Cablevision’s local media properties include News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision's assets also include Clearview Cinemas.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.
CONTACT:
Cablevision Systems Corporation
Kim Kerns, 516-803-2351
VP, Corporate Communications
or
Patricia Armstrong, 516-803-2264
SVP, Investor Relations
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS: Entertainment TV and Radio Technology Internet Networks Telecommunications Film & Motion Pictures General Entertainment Communications Other Communications
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