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Moody's gives Hughes Network Systems notes B1
Moody's Investors Service said it assigned a B1 rating to Hughes Network Systems, LLC's (HNS) proposed $375 million senior unsecured notes due 2014.
The agency said the ratings will effectively replace the B1 for the existing $275 million senior secured first-lien term loan and the B3 for the $50 million senior secured second-lien term loan.
Moody's said it also affirmed the B1 corporate family rating and upgraded the existing B1 rating on the $50 million senior secured revolving credit facility to Ba3. The outlook remains stable.
The ratings broadly reflect HNS' current negative cash flow due to capital spending associated with the company's Spaceway 3 satellite, scheduled to launch in 2007, continuing challenges from terrestrial based competition and the relatively low margins, offset by modest leverage at 4.3 times debt to EBITDA at year-end 2005, the agency noted.
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