DirecTV wants its bonds back


Satellite broadcast service DirecTV has begun a cash tender for any and all of its outstanding 6 3/8% senior notes due 2015. That’s $1 billion worth if all are tendered.

In fact, the buyback would cost more than $1 billion. DirecTV is offering $1,033.13 per $1,000 face value. The tender offer will expire on March 17th.

DirecTV said it will pay for the buyback with cash on hand.