CSC Holdings Announces Early Tender Offer Results

BETHPAGE, N.Y.--(BUSINESS WIRE)-- CSC Holdings, LLC, a subsidiary of Cablevision Systems Corporation (NYSE: CVC), announced the results to date of its cash tender offers commenced October 31, 2011 for the outstanding debt securities listed below (the “Senior Notes”). The aggregate purchase price (including the early tender premium listed below) for all Senior Notes purchased will not exceed $1,250 million.

*Includes the applicable early tender premium per $1,000 principal amount of Senior Notes for each series set forth in the table.

The Early Tender Date for the cash tender offers was 5:00 p.m., New York City time, on Monday, November 14, 2011, with holders of approximately $379.46 million aggregate principal amount of the 2015, and $44.59 million aggregate principal amount of the 2012 notes and $258.06 million aggregate principal amount of 2014 notes having validly tendered their notes. This represents approximately 75.89%, 23.23% and 30.94% of the outstanding principal amount of the 2015 notes, 2012 notes and 2014 notes, respectively.

CSC Holdings will accept for payment all of the 2015 and 2012 notes that were validly tendered and not withdrawn by the Early Tender Date. CSC Holdings will pay $1,085.00 for each $1,000 principal amount of 2015 notes tendered, which includes an early tender premium of $30.00 per $1,000 principal amount of notes, and $1,020.00 for each $1,000 principal amount of 2012 notes tendered, which includes an early tender premium of $20.00 for each $1,000 principal amount of notes.

Subject to the satisfaction of the conditions to the tender offers, the early settlement date for notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase will be today, November 15, 2011.

The tender offers are scheduled to expire at 11:59 p.m., New York City time, on Tuesday, November 29, 2011, unless extended or earlier terminated (the “Expiration Date”). Holders of 2015 notes who validly tender their 2015 notes after the Early Tender Date but at or prior to the expiration of the applicable tender offer will be entitled to receive $1,055.00 per $1,000 principal amount tendered and accepted for purchase. Holders of 2012 notes who validly tender their 2012 notes after the Early Tender Date but at or prior to the expiration of the applicable tender offer, will be entitled to receive $1,000 per $1,000 principal amount tendered and accepted for purchase. CSC Holdings will make payment for notes that are validly tendered after the Early Tender Date but at or prior to the expiration of the applicable tender offer promptly after the Expiration Date. In accordance with the terms of the tender offers, notes that are tendered after the Early Tender Date may not be withdrawn.

Subject to the Acceptance Priority Level set forth in the Offer to Purchase, CSC Holdings will pay $1,125.00 for each $1,000 principal amount of 8.50% Senior Notes due 2014 tendered prior to the Early Tender Date, which includes an early tender premium of $30.00 per $1,000 principal amount of notes. Holders of 2014 notes who validly tender their 2014 notes after the Early Tender Date but at or prior to the expiration of the applicable tender offer will be entitled to receive, subject to the Acceptance Priority Level, $1,095.00 per $1,000 principal amount tendered and accepted for purchase. CSC Holdings will make payment for 2014 notes that are validly tendered and accepted for purchase promptly after the Expiration Date.

Payments for notes purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of notes to, but excluding, the applicable settlement date. All notes purchased in the tender offers will be retired upon consummation of the tender offers.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc. and UBS Securities LLC are acting as Dealer Managers for the tender offers. The Information Agent for the tender offers is MacKenzie Partners, Inc. Holders with questions regarding the tender offers should contact J.P. Morgan Securities LLC, Liability Management Group at (866) 245-8812 (toll free) or (212) 270-1200 (collect), BofA Merrill Lynch, Liability Management Group at (888) 292-0700 (toll free) or (646) 855-3401 (collect), Barclays Capital Inc., Liability Management Group at (800) 438-3242 (toll free) or (212) 528-7581 (collect), Citigroup Global Markets Inc., Liability Management Group at (800) 558-3745 (toll free) or (212) 723-6106 (collect) or UBS Securities LLC, Liability Management Group at (888) 719-4210 (toll free) or (203) 719-4210 (collect). Requests for copies of any Offer to Purchase or Letter of Transmittal should be directed to the Information Agent, MacKenzie Partners, Inc., at (800) 322-2885 (toll free) or (212) 929-5500 (collect).

None of the Company, the Dealer Manager or the Information Agent is making any recommendations to holders of Senior Notes as to whether to tender or refrain from tendering their Senior Notes in the tender offers. Holders of Senior Notes must decide how many Senior Notes they will tender, if any.

Cablevision Systems Corporation is one of the nation's leading media and telecommunications 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 also owns and operates 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.

CSC Holdings, Inc.’s obligation to accept any securities tendered and to pay the applicable consideration for them is set forth solely in the Offer to Purchase and related Letter of Transmittal.

This news release is not an offer to purchase or a solicitation of an acceptance of the tender offers. CSC Holdings, Inc. may extend or, subject to certain conditions, terminate the tender offers at any time and in its sole discretion.

CONTACT:

Cablevision Systems Corporation
Kim Kerns, 516-803-2351
Vice President
Corporate Communications
or
Patricia Armstrong, 516-803-2264
Senior Vice President
Investor Relations

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