US-based satellite broadcaster DirecTV has proposed a new US$2.5bn commercial paper programme.
The notes will have a maturity of up to 397 days from the date of issue, will rank equally with the company’s existing senior unsecured indebtedness and would…
US-based satellite broadcaster DirecTV has proposed a new US$2.5bn commercial paper programme.
The notes will have a maturity of up to 397 days from the date of issue, will rank equally with the company’s existing senior unsecured indebtedness and would be borrowed at the DirecTV Holdings LLC level. Any proceeds from the issuance of the debt will be used for general corporate purposes.
The programme is backed by DirecTV’s recently issued US$2.5bn revolving credit facilities, comprising a US$1bn revolver due in February 2016 and a US$1.5bn five-year revolver due in September 2017.
The revolver agreements also enable an incremental increase in the aggregate commitments of up to US$500m between the 3.5-year and the five-year revolvers.
The new debt has been rated A-2 by Standard & Poor’s and Baa2 by Moody’s.
