DIRECTV Holdings LLC Announces Redemption of Notes
EL SEGUNDO, Calif.--(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.
DIRECTV
Media Contact:
Robert Mercer,
310-964-4683
or
Investor Relations:
310-964-0808
Source: DIRECTV Holdings LLC and DIRECTV Financing Co., Inc.
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