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DTV » Topics » EL SEGUNDO, Calif., June 15, 2005 -

This excerpt taken from the DTV 8-K filed Jun 20, 2005.
EL SEGUNDO, Calif., June 15, 2005 – The DIRECTV Group, Inc. (NYSE: DTV) announced today that its subsidiaries, DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. (collectively, “DIRECTV”) have closed their previously announced offering of $1.0 billion aggregate principal amount of their 6 3/8 percent Senior Notes due 2015. DIRECTV received approximately $1.0 billion in net proceeds from the offering and, as previously announced, plans to use the net proceeds from this offering to repay $500.0 million of borrowings under its current senior secured credit facility with the remainder of the proceeds to be retained by DIRECTV for general corporate purposes.  The ten-year senior notes are unsecured and are guaranteed by all of DIRECTV’s material domestic subsidiaries.

 

The senior notes were sold pursuant to Rule 144A and Regulation S under the Securities Act and have not been registered in the United States under the Securities Act or in any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

 

The DIRECTV Group, Inc. (NYSE: DTV) is a world-leading provider of digital multichannel television entertainment.  For more information please visit www.directv.com.

 

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These excerpts taken from the DTV 8-K filed Apr 19, 2005.
EL SEGUNDO, Calif., April 13, 2005 — The DIRECTV Group, Inc. (NYSE: DTV) announced today that two of its subsidiaries, DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. (the “Issuers”), have elected to redeem $490 million aggregate principal amount of their outstanding 8-3/8% Senior Notes due 2013, representing 35% of the $1.4 billion aggregate principal amount outstanding.

 

The redemption date will be May 19, 2005, and, in accordance with the terms of the indenture governing the notes, the redemption price will be 108.375% of the principal amount, plus accrued and unpaid interest, for a total of approximately $538 million.  The Issuers are exercising their option to redeem a portion of the notes with the proceeds of an equity investment that DIRECTV Group has made in DIRECTV Holdings.

 

The trustee for the notes is The Bank of New York, telephone 213-630-6176.

 

This announcement is neither a request nor an offer for tender of securities of The DIRECTV Group, Inc. nor DIRECTV Holdings LLC.

 

The DIRECTV Group, Inc. (NYSE: DTV) is a world-leading provider of digital multichannel television entertainment, broadband satellite networks and services. The DIRECTV Group, Inc. is 34 percent owned by News Corporation. For more information please visit www.directv.com.

 

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EL SEGUNDO, Calif., April 13, 2005 – The DIRECTV Group, Inc. (NYSE: DTV) announced today that its subsidiary, DIRECTV Holdings LLC, has completed its previously announced senior secured credit facility.  The size of the facility was increased to $2.5 billion as DIRECTV elected not to proceed with an anticipated $500 million unsecured notes offering.

 

The new senior secured credit facility consists of a $500 million undrawn six-year revolving credit facility, a $500 million six-year Term A loan and a $1.5 billion eight-year Term B loan.  The interest rate on each of the loans is currently LIBOR plus 1.50% per annum.  The facility is secured by substantially all of the assets of DIRECTV Holdings and its domestic subsidiaries and is guaranteed by all of its domestic subsidiaries.  The proceeds of the facility were used to repay the existing $1.0 billion senior secured loan and replace an undrawn $250 million revolving credit facility, to repay an unsecured $875 million note owing to DIRECTV Group and to pay transaction costs, with the remaining proceeds available for working capital or other purposes.  Bank of America, N.A. is the administrative agent and collateral agent for the facility, and JP Morgan Chase Bank, N.A. is the syndication agent.  Bank of America Securities LLC and J.P. Morgan Securities Inc. were co-lead arrangers and co-book managers, while Credit Suisse First Boston, Goldman Sachs Credit Partners, L.P. and Citicorp North America, Inc. acted as co-documentation agents.

 

“The financing was very well received and we are pleased with its successful completion,” said Michael Palkovic, DIRECTV CFO.  “This transaction strengthens our financial position, provides us with additional flexibility in our operating and financial covenants and was completed at what we consider to be a very attractive interest rate.”

 

The DIRECTV Group, Inc. (NYSE: DTV) is a world-leading provider of digital multichannel television entertainment, broadband satellite networks and services.  The DIRECTV Group, Inc. is 34 percent owned by News Corporation.  For more information please visit www.directv.com.

 

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EXCERPTS ON THIS PAGE:

8-K
Jun 20, 2005
8-K (2 sections)
Apr 19, 2005
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