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Rainbow National Services to Redeem Portion of Debt

By Jon Hemingway -- Broadcasting & Cable, 7/30/2007 11:13:00 AM

Cablevision Systems subsidiary Rainbow National Services (RNS) is redeeming a portion of its outstanding debt with $203 million in cash.

RNS will call in a principal amount of $175 million, or 35%, of the outstanding 10.375% senior subordinated issue due in 2014. The bonds will be redeemed at a price of 110.375% of the principal amount of the notes plus accrued and unpaid interest to the redemption date of August 31.

According to a filing, RNS is funding the transaction with a $203 million equity commitment from Cablevision subsidiary Rainbow Programming Holdings.

The original deal was transacted in August of 2004 as part of an $800 million offering.

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