DIRECTV Holdings LLC Prices Issue of $4.0 Billion of New Debt
EL SEGUNDO, Calif.--(BUSINESS WIRE)--
DIRECTV Holdings LLC (the "Company"), an indirect subsidiary of DIRECTV
(NASDAQ:DTV), announced today the pricing of an issuance of $1.25
billion of 2.400% Senior Notes due 2017, $1.5 billion of 3.800% Senior
Notes due 2022 and $1.25 billion of 5.150% Senior Notes due 2042
(together, the "Notes"). The closing of the offering is expected to
occur on March 8, 2012, subject to satisfaction of customary closing
conditions. The Company will receive net proceeds of approximately $3.97
billion from this offering and intends to use the net proceeds from the
offering for general corporate purposes, which may include a
distribution to its parent, DIRECTV, for its share repurchase plan and
other corporate purposes.
The Notes to be offered have not been registered under the Securities
Act of 1933, as amended (the "Securities Act") or the securities laws of
any other jurisdiction. As a result, they may not be offered or sold in
the United States or to any U.S. persons except pursuant to an
applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. Accordingly, the Notes
will be offered only to "qualified institutional buyers" pursuant to
Rule 144A of the Securities Act or to persons other than "U.S. persons"
in compliance with Regulation S under the Securities Act. A confidential
offering memorandum will be made available to such eligible holders. The
offering will be conducted in accordance with the terms and subject to
the conditions set forth in the offering memorandum.
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 delivering a premium video experience through
state-of-the-art technology, unmatched programming and industry leading
customer service to more than 32 million customers in the U.S. and Latin
America. In the U.S., DIRECTV offers its more than 19.8 million
customers access to more than 170 HD channels and Dolby- Digital® 5.1
theater-quality sound, access to exclusive sports programming such as
NFL SUNDAY TICKET™, Emmy- award winning technology and higher customer
satisfaction than the leading cable companies for ten years running.
DIRECTV Latin America, through its subsidiaries and affiliated companies
in Brazil, Mexico, Argentina, Venezuela, Colombia, and other Latin
American countries, leads the pay-TV category in technology, programming
and service, delivering an unrivaled digital television experience to
more than 12 million customers. DIRECTV sports and entertainment
properties include three Regional Sports Networks (Northwest, Rocky
Mountain and Pittsburgh) as well as a 60 percent interest in Game Show
Network. For the most up-to-date information on DIRECTV, please visit www.directv.com.
DIRECTV
Media Contact:
Darris Gringeri, 212-205-0882
dagringeri@directv.com
or
Investor
Relations:
310-964-0808
Source: DIRECTV Holdings LLC
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