DirecTV closes on senior note offering


DirecTVDirecTV Holdings and DirecTV Financing Co., indirect subsidiaries of DirecTV, announced the closing of their public offering of $1.25 billion aggregate principal amount of 4.450% Senior Notes due 2024. The Issuers gave notice of their intention to redeem any and all outstanding aggregate principal amount of their 4.750% Senior Notes due 2014 on 4/24/13. The 2014 Notes will be redeemed at a price based on the remaining scheduled payments of principal and interest using a discount rate equal to the Treasury Rate (as defined in the indenture governing the 2014 Notes) in effect as of 4/21/14, plus 40 basis points, together with accrued and unpaid interest, if any, to the redemption date. The aggregate principal amount of the Notes outstanding on 3/20/13, was $1,000,000,000.

The issuers have instructed BNY Mellon Trust Company as trustee for the 2014 notes, to distribute a Notice of Redemption to all registered holders of the 2014 Notes on 3/25/14. The Issuers intend to use the net proceeds from the offering of the notes to redeem the 2014 Notes as well as for general corporate purposes, which may include a distribution to DirecTV for purposes of funding repurchases under its share repurchase program.