US cableco Cablevision Systems Corporation has mandated BofA Merrill Lynch to secure a US$1.9bn term loan, reported Bloomberg citing a person with knowledge of the deal.
The loan, which will carry interest of 2.75% above Libor, would be used to repay…
US cableco Cablevision Systems Corporation has mandated BofA Merrill Lynch to secure a US$1.9bn term loan, reported Bloomberg citing a person with knowledge of the deal.
The loan, which will carry interest of 2.75% above Libor, would be used to repay debt and will price at 99.5, the report said referencing the person.
The deadline for potential lenders to opt-in is reportedly on 12 April.
In its annual report Cablevision said it had net debt of US$10.1bn. Between 2015 and 2017 the company has US$4.6bn borrowings maturing from outstanding loans, according to Bloomberg data.
BofA Merrill Lynch advised Cablevision on its last significant transaction, in February, when the New York state-based company sold cableco Optimum West to Charter Communications for US$1.6bn; 8.9x Optimum West’s Q3 2012 annualised adjusted EBITDA.
