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DirecTV To Raise Up To $2.95 Billion In New Debt
El Segundo - Feb 13, 2003 DirecTV Holdings LLC, a wholly owned subsidiary of Hughes Electronics Corporation (HUGHES), announced that it intends to privately offer up to $1.4 billion principal amount of senior notes due 2013. DirecTV also intends to arrange $1.55 billion of new senior secured credit facilities. DirecTV expects to close the senior notes offering and the new credit facilities by early March 2003. DirecTV plans to distribute to HUGHES the net proceeds from the sale of the senior notes and the term loan portion of the new senior secured credit facilities to enable HUGHES to repay outstanding indebtedness under its existing credit facilities, to fund HUGHES' business plan through projected cash flow breakeven and for HUGHES' other corporate purposes. HUGHES' existing $1.8 billion senior secured credit facilities will terminate upon such repayment. The ten-year senior notes will be unsecured indebtedness guaranteed on a senior basis by all of DirecTV's domestic subsidiaries. The senior notes will be sold to qualified institutional buyers in reliance on Rule 144A, and outside the United States in compliance with Regulation S under the Securities Act. The senior notes initially will not be registered under the Securities Act of 1933 or state securities laws and may not be offered or sold by holders thereof without registration unless an exemption from such registration is available. The new senior secured credit facilities will have a term of five to seven years and will be secured by substantially all of DirecTV's assets and guaranteed by all of DirecTV's domestic subsidiaries. It is anticipated that up to $500 million of the facilities will be undrawn at closing. Community Email This Article Comment On This Article Related Links DirecTV SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Stratos Steps Closer To Xantic Acquisition
Bethesda MD (SPX) Jan 5, 2006Stratos Global recently announced it had taken a step closer toward the completion of the acquisition of Xantic, having received positive advice from the Works' Council in the Netherlands, and executed a definitive agreement to purchase Xantic from KPN and Telstra Corporation. |
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