Satellite broadcaster DirecTV has completed a US$2bn fiveyear revolving credit facility. The senior unsecured debt will replace the company’s previous US$500m revolver that it has held since 2005 and was due to mature in April this year.
Citigroup,…
Satellite broadcaster DirecTV has completed a US$2bn fiveyear revolving credit facility. The senior unsecured debt will replace the company’s previous US$500m revolver that it has held since 2005 and was due to mature in April this year.
Citigroup, Barclays Capital, Credit Suisse, JPMorgan, Merrill Lynch, Pierce, Fenner & Smith, RBS and UBS acted as joint lead arrangers and joint bookrunners for the loan, which pays an interest of 1.5% over Libor plus a commitment fee of 0.3%.
The company said that the facility, which was borrowed via subsidiary DirecTV Holdings, would be used for general corporate purposes including share repurchases. Last year, DirecTV announced a US$3.5bn share buyback plan which was to be partially funded by the US$3bn three tranche senior unsecured bond offering that the broadcaster netted in June.
