Hughes Network Systems talks $375 million eight-year notes at 9½%-9¾%

By Paul A. Harris

St. Louis, April 4 - Hughes Network Systems LLC talked its $375 million offering of eight-year senior notes (B1/B-) at 9½% to 9¾% on Tuesday, according to informed sources.

The offering is expected to price on Wednesday or Thursday.

Bear Stearns & Co. and Morgan Stanley are joint bookrunners for the Rule 144A offering. Banc of America Securities LLC is the co-manager.

The notes come with four years of call protection and a three-year 35% equity clawback.

Proceeds will be used to refinance existing debt and for general corporate purposes.

The prospective issuer is a provider of broadband satellite networks and services, with headquarters in Germantown, Md.

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