The bank debt of Cablevision Systems traded in the high 80s last week after a spate of positive news caused the paper to rally. There also was a rumor that the paper changed hands around the 90 level, but a trade at that level could not be confirmed.
The good news for the company started last Tuesday when Cablevision announced that it would sell its 80% stake in the cable network Bravo to the National Broadcasting Company for roughly $1 billion. Cablevision has indicated that proceeds from the deal will go toward paying down debt. Calls to Andrew Rosengard, executive v.p. of finance and controller, were referred to a spokeswoman, who could not provide any more clarity to where the funds would be directed at this time.
Cablevision's uptick also was supported by news that Quadrangle Capital Partners would invest $75 million in the company. Calls to Steven Rattner, managing principal at Quadrangle, were not returned by press time.