DIRECTV Holdings LLC Prices Issue of $4.0 Billion of New Debt
March 06 2012 - 8:00AM
Business Wire
DIRECTV Holdings LLC (the "Company"), an indirect subsidiary of
DIRECTV (NASDAQ:DTV), announced today the pricing of an issuance of
$1.25 billion of 2.400% Senior Notes due 2017, $1.5 billion of
3.800% Senior Notes due 2022 and $1.25 billion of 5.150% Senior
Notes due 2042 (together, the "Notes"). The closing of the offering
is expected to occur on March 8, 2012, subject to satisfaction of
customary closing conditions. The Company will receive net proceeds
of approximately $3.97 billion from this offering and intends to
use the net proceeds from the offering for general corporate
purposes, which may include a distribution to its parent, DIRECTV,
for its share repurchase plan and other corporate purposes.
The Notes to be offered have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) or the
securities laws of any other jurisdiction. 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" pursuant to Rule 144A of the
Securities Act or to persons other than "U.S. persons" in
compliance with Regulation S under the Securities Act. A
confidential offering memorandum 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
memorandum.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS
NOTE: This press 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 and 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,” “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: increased
competition; increasing programming costs and our ability to renew
programming contracts under favorable terms; increased subscriber
churn or subscriber upgrade and retention costs; potential material
increase in subscriber acquisition costs; general economic
conditions; risks associated with doing business internationally,
which for DIRECTV Latin America include political and economic
instability and foreign currency exchange rate volatility and
controls; pace of technological development; potential intellectual
property infringement; loss of key personnel; satellite
construction or launch delays; satellite launch and operational
risks; loss of a satellite; theft of satellite programming signals;
U.S. and foreign governmental and regulatory action; ability to
maintain licenses and regulatory approvals; significant debt;
indemnification obligations; reliance on network and information
systems; and the outcome of legal proceedings. We may face other
risks described from time to time in periodic reports filed by us
with the U.S. Securities and Exchange Commission.
About DIRECTVDIRECTV
(NASDAQ: DTV) is one of the world’s leading providers of digital
television entertainment services delivering a premium video
experience through state-of-the-art technology, unmatched
programming and industry leading customer service to more than 32
million customers in the U.S. and Latin America. In the U.S.,
DIRECTV offers its more than 19.8 million customers access to more
than 170 HD channels and Dolby- Digital® 5.1 theater-quality sound,
access to exclusive sports programming such as NFL SUNDAY TICKET™,
Emmy- award winning technology and higher customer satisfaction
than the leading cable companies for ten years running. DIRECTV
Latin America, through its subsidiaries and affiliated companies in
Brazil, Mexico, Argentina, Venezuela, Colombia, and other Latin
American countries, leads the pay-TV category in technology,
programming and service, delivering an unrivaled digital television
experience to more than 12 million customers. DIRECTV sports and
entertainment properties include three Regional Sports Networks
(Northwest, Rocky Mountain and Pittsburgh) as well as a 60 percent
interest in Game Show Network. For the most up-to-date information
on DIRECTV, please visit www.directv.com.
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