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Moody's rates Hughes loans B1, B3
Moody's Investors Service said it assigned a B1 rating to Hughes Network Systems' proposed $325 million senior secured first-lien credit facility and a B3 rating to its proposed $50 million senior secured second-lien term loan.
Proceeds from the credit facilities issue will be used largely to finance the acquisition and complete the company's Spaceway 3 satellite.
Moody's said the ratings broadly reflect Hughes' increasing challenges from terrestrial based competition, relatively low margins and the significant risk and capital spending associated with the company's satellite launching in late 2006 offset by modest leverage (3.7x total debt to adjusted EBITDA, pro forma 2004).
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