DIRECTV Holdings LLC Announces Redemption of Notes
April 13 2012 - 9:00AM
Business Wire
DIRECTV Holdings LLC (the “Company”), an indirect subsidiary of
DIRECTV (NASDAQ: DTV), today announced that it will redeem for cash
all of its outstanding 7-5/8% Senior Notes due 2016 (the “Notes”)
on May 15, 2012, at a price of 103.813% of the principal amount,
together with accrued interest to the redemption date.
The Notes were issued pursuant to an Indenture dated May 14,
2008, as supplemented (the "Indenture"), among the Company and
DIRECTV Financing Co., Inc., as co-issuers, the guarantors named
therein and The Bank of New York Mellon Trust Company, N.A., as
trustee.
As of April 13, 2012, $1,500,000,000 aggregate principal amount
of Notes remain outstanding. On and after the date of redemption,
the Notes will no longer be deemed outstanding, interest will cease
to accrue thereon and all rights of the holder of the Notes will
cease to exist, except for the right to receive the redemption
price, without interest thereon.
The notice of redemption containing information required by the
terms of the Indenture was sent to registered holders of the Notes
today. Notes are to be surrendered to The Bank of New York Mellon
Trust Company, N.A. as trustee and paying agent, in exchange for
payment of the redemption price on May 15, 2012. Questions relating
to the notice of redemption should be directed to The Bank of New
York Mellon at (213) 630-6489.
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 DIRECTV
DIRECTV (NASDAQ:DTV) is one of the world's leading providers of
digital television entertainment services. Through its subsidiaries
and affiliated companies in the United States, Brazil, Mexico and
other countries in Latin America, DIRECTV provides digital
television service to 19.9 million customers in the United States
and over 12 million customers in Latin America. DIRECTV sports and
entertainment properties include three regional sports networks
(Northwest, Rocky Mountain and Pittsburgh) as well as a 60 percent
ownership interest in Game Show Network. For more information on
DIRECTV, visit directv.com.
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