DIRECTV Holdings LLC Prices Issue of $3 Billion of New Debt
March 09 2010 - 12:12PM
Business Wire
DIRECTV Holdings LLC (the "Company"), an indirect subsidiary of
DIRECTV (NASDAQ:DTV), announced today the pricing of an issuance of
$1.2 billion of 3.550% Senior Notes due 2015, $1.3 billion of
5.200% Senior Notes due 2020 and $0.5 billion of 6.350% Senior
Notes due 2040 (together, the “Notes”). The closing of the offering
is expected to occur on March 11, 2010, subject to satisfaction of
customary closing conditions. The Company will receive net proceeds
of approximately $2.98 billion from this offering and 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 Loan C issued under its senior secured credit
facility, a distribution to its parent, DIRECTV, for its share
repurchase plan and other corporate purposes.
The 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 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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