CVC Capital Partners (EU:CVC)
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DOW JONES (New York)--Gregg Siebert, executive vice president of Cablevision Systems Corp. (CVC), said Wednesday that MSG could support a revolving credit facility of $300 million to $400 million after it's spun off from the cable giant.

Beyond a possible revolving credit facility, Siebert signaled at an investor conference in Marina del Rey, Calif., that MSG wasn't likely to take on any more of Cablevision's debt load.

The potential for the MSG unit - which includes Madison Square Garden, the New York Knicks and Rangers sports teams, and other entertainment properties - to shoulder some of Cablevision's heavy debt load has been a hot topic for investors since the company announced its spin-off plan.

Siebert said he expects MSG to have more than $250 million worth of "liquidity, for lack of a better term," on its balance sheet, which includes a $190 million payment it expects to receive from its parent.

That cash, in addition to a credit facility, he said, would be enough to finance plans for the renovation of Madison Square Garden, which is expected to cost more than $500 million.

Cablevision Chief Executive James Dolan said he didn't expect any major changes at Cablevision or MSG after the spin-off since both businesses already have a capable management team in place.

Siebert said the company plans to present more details about the MSG spin-off, which it expects to complete around the end of this year, after it receives the necessary regulatory approvals.

Dolan said the renovation of MSG will set the stage for higher revenue growth at the business. He said the company is comfortable with its ownership of Rainbow Networks, its cable networks division that has been a source of sale speculation in the past.

He also said Newsday, which the company acquired last year for $650 million, would be "the one and only newspaper that we will ever look at."

-By Nat Worden, Dow Jones Newswires; 212-416-2472; nat.worden@dowjones.com