By Angela McDaniels
Tacoma, Wash., July 20 – Hughes Satellite Systems Corp. priced $750 million of 5¼% 10-year senior secured notes (Ba2/BBB-) and $750 million of 6 5/8% 10-year senior unsecured notes (B3/BB-) on Wednesday, according to a news release from parent company EchoStar Corp.
The Rule 144A and Regulation S issue was originally expected to come as $1 billion of senior secured notes.
The proceeds will be used for capital expenditures, working capital and other general corporate purposes.
EchoStar provides satellite and video delivery solutions and is based in Englewood, Colo. Hughes is a Germantown, Md.-based provider of broadband satellite networks and services.
| Issuer: | Hughes Satellite Systems Corp.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Pricing date: | July 20
|
| Settlement date: | July 27
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Secured notes
|
| Issue: | Senior secured notes
|
| Amount: | $750 million
|
| Maturity: | 2026
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Ratings: | Moody’s: Ba2
|
| S&P: BBB-
|
|
|
| Unsecured notes
|
| Issue: | Senior unsecured notes
|
| Amount: | $750 million
|
| Maturity: | 2026
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Ratings: | Moody’s: B3
|
| S&P: BB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
