The DirecTV Group (DTV)

Refinancing Transactions

        During the second quarter of 2005, we completed a series of refinancing transactions that resulted in a pre-tax charge to "Other, net" in our Consolidated Statements of Operations of $64.9 million ($40.0 million after tax), of which $41.0 million was associated with the premium paid for the redemption of a portion of our 8.375% senior notes and $23.9 million with the write-off of a portion of our deferred debt issuance costs and other transaction costs. As a result of the refinancing transactions,

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our long-term debt increased by $1,011.7 million during the nine months ended September 30, 2005 and cash, net of the premium paid and transaction costs, increased $966.0 million. See Part I, Item 1, Note 7 of the Notes to the Consolidated Financial Statements for further discussion of these refinancing transactions.

Refinancing Transactions

        During the second quarter of 2005, we completed a series of refinancing transactions that resulted in a pre-tax charge to "Other, net" in our Consolidated Statements of Operations of $64.9 million ($40.0 million after tax), of which $41.0 million was associated with the premium paid for the redemption of our 8.375% senior notes and $23.9 million with the write-off of a portion of our deferred debt issuance costs and other transaction costs. As a result of the refinancing transactions, our long-term debt increased by $1,011.7 million during the quarter and cash, net of the premium paid and transaction costs, increased $966.0 million. See Part I, Item 1, Note 6 of the Notes to the Consolidated Financial Statements for further discussion of these refinancing transactions.

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