DIRECTV Holdings LLC Announces Launch of Senior Notes Offering
March 08 2010 - 9:32AM
Business Wire
DIRECTV Holdings LLC (the “Company”), an indirect subsidiary of
DIRECTV (NASDAQ:DTV), announced today that it plans to offer,
subject to market and other conditions, a benchmark size issuance
of senior notes. The notes will be the unsecured senior obligations
of the Company and will rank equally in right of payment with all
of the Company’s existing and future senior debt. The notes will be
guaranteed by each of the Company’s material existing and certain
of its future domestic subsidiaries, in each case, that guarantee
or incur certain other debt. The Company intends to use the net
proceeds from the offering for general corporate purposes, which
may include the repayment of some or all of the Company’s Term C
Loan issued under its senior secured credit facility, a
distribution to its parent, DIRECTV, for its share repurchase plan
and other corporate purposes.
The senior notes to be offered will not be registered under the
Securities Act of 1933 or any state securities laws. As a result,
they may not be offered or sold in the United States or to any U.S.
persons except pursuant to an applicable exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act. Accordingly, the senior notes will be offered only
to “qualified institutional buyers” under Rule 144A of the
Securities Act or, outside the United States, to persons other than
“U.S. persons” in compliance with Regulation S under the Securities
Act. A confidential offering circular will be made available to
such eligible holders. The offering will be conducted in accordance
with the terms and subject to the conditions set forth in the
offering circular.
Cautionary Statement Concerning
Forward-looking statements
NOTE: This release may include or incorporate by reference
certain statements that we believe are, or may be considered to be,
“forward-looking statements” within the meaning of various
provisions of the Securities Act of 1933 and of the Securities
Exchange Act of 1934. These forward-looking statements generally
can be identified by use of statements that include phrases such as
“believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,”
“foresee,” “project” or other similar words or phrases. Similarly,
statements that describe our objectives, plans or goals also are
forward-looking statements. All of these forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results or from
those expressed or implied by the relevant forward-looking
statement. Such risks and uncertainties include, but are not
limited to: economic conditions; product demand and market
acceptance; ability to simplify aspects of our business model,
improve customer service, create new and desirable programming
content and interactive features, and achieve anticipated economies
of scale; government action; competition; the outcome of legal
proceedings; ability to achieve cost reductions; ability of third
parties to timely perform material contracts; ability to renew
programming contracts under favorable terms; technological risk;
limitations on access to distribution channels; the success and
timeliness of satellite launches; in-orbit performance of
satellites, including technical anomalies; loss of uninsured
satellites; theft of satellite programming signals; and our ability
to access capital to maintain our financial flexibility. We urge
you to consider these factors carefully in evaluating the
forward-looking statements.
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