[Satellite News – 5-14-08] DirecTV Holdings LLC and DirecTV Financing Co. Inc. completed $2.5 billion in debt financing, the DirecTV Group announced May 14.
This financing consists of $1.5 billion in 7-5/8 percent senior notes due 2016 and $1.0 billion of incremental floating rate term loans under their existing senior secured credit facility.
DirecTV will use the proceeds of these financings for general corporate purposes, including payment of a dividend to DirecTV Group, which will be used to fund purchases of stock under its recently announced $3 billion share repurchase program.
DirecTV Completes Financing
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