Hughes Network withdraws bond deal, opts for bank debt

By Paul A. Harris

St. Louis, April 19 - Hughes Network Systems LLC cited market conditions as it withdrew its $325 million offering of eight-year senior notes, opting instead to shift its financing to the bank loan market, according to a high-yield market source.

The deal had been talked late in the April 11 week at 9¾% to 10%.

JP Morgan and Bear Stearns & Co. were the underwriters.

Proceeds were slated to back the buyout of SkyTerra Communications Inc.

Hughes Network Systems LLC is a provider of broadband satellite networks and services, with headquarters in Germantown, Md.

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