September 24, 2009 (FinancialWire) — Cablevision Systems Corp. (NYSE: CVC) has closed an offering of $900 million of 8.625% senior notes due 2017 at an issue price of 98.596%.

The company plans to use the net proceeds to purchase shares of common stock of its wholly owned subsidiary CSC Holdings.

CSC Holdings will in turn use the proceeds from the sale of its common stock to Cablevision, along with cash on hand, to address the company’s upcoming debt maturities by repaying or repurchasing its senior notes at an aggregate purchase price of up to $975 million.

Bethpage, New York-based Cablevision Systems’ cable television operations serve more than three million households in the New York metropolitan area.

The company’s telecommunications offerings include digital television, high-speed Internet and digital voice-over-cable. Cablevision operates AMC, IFC, Sundance Channel and WE tv, through Rainbow Media Holdings, and is the publisher of Newsday and other niche publications through Newsday Media Group.

Cablevision also owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York’s Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre, and owns and operates Clearview Cinemas.

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