Hughes Network to launch $115 million unsecured term loan Friday

By Sara Rosenberg

New York, Feb. 7 - Hughes Network Systems, LLC is scheduled to hold a bank meeting on Friday to launch its proposed $115 million senior unsecured term loan due April 15, 2014, according to a market source.

Bear Stearns is the lead arranger and bookrunner on the deal.

The term loan is being talked at Libor plus 275 basis points, the source said.

Proceeds will be used to partially fund the purchase and/or construction of a satellite and/or for general corporate purposes.

Closing is anticipated to occur on or about Feb. 28.

Hughes Network is a wholly owned subsidiary of Hughes Communications Inc., a Germantown, Md.-based provider of broadband satellite network services.

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