Rainbow DBS Benefits From Parent Financing

Rainbow National Services LLC, a subsidiary of Cablevision Systems Corp. [CVC], just closed an offering of $300 million worth of 8.75 percent senior notes due 2012; for $500 million worth of senior subordinated notes due 2014; and for a $950 million senior secured credit facility, $600 million of which was drawn at closing. The net proceeds were used to repay outstanding debt, with the balance distributed to its subsidiaries, primarily Rainbow DBS. Rainbow National Services LLC provides television content to cable and satellite providers nationwide.