By Andrea Heisinger
New York, March 8 - DirecTV Holdings LLC priced $3 billion of senior unsecured notes (Baa3/BBB-/) in three tranches late on Monday, a market source said.
Full terms were not available at press time due to the lateness of pricing.
The $1.2 billion of 3.55% five-year notes priced to yield 3.567% with a spread of 120 basis points over Treasuries. This was at the tight end of price guidance in the 125 bps area.
A $1.3 billion tranche of 5.2% 10-year notes was priced to yield 5.221% with a Treasuries plus 150 bps spread. The spread was again at the tight end of talk in the 155 bps area.
The third tranche was $500 million of 6.35% 30-year bonds priced to yield 6.358% with a spread of Treasuries plus 167 bps. This was tight to talk in the 170 bps area.
The tranches were all priced under Rule 144A and Regulation S.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including repayment of a term C loan distribution to parent company DirecTV for a share repurchase plan.
The deal is guaranteed by the issuer's subsidiaries.
The broadcast satellite TV service is based in El Segundo, Calif.
| Issuer: | DirecTV Holdings LLC
|
| Issue: | Senior unsecured notes
|
| Guarantors: | Subsidiaries
|
| Amount: | $3 billion
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Distribution: | Rule 144A/Regulation S
|
| Trade date: | March 8
|
| Settlement date: | March 11
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| Five-year notes
|
| Amount: | $1.2 billion
|
| Maturity: | March 15, 2015
|
| Coupon: | 3.55%
|
| Yield: | 3.567%
|
| Spread: | Treasuries plus 120 bps
|
| Price talk: | 125 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.3 billion
|
| Maturity: | March 15, 2020
|
| Coupon: | 5.2%
|
| Yield: | 5.221%
|
| Spread: | Treasuries plus 150 bps
|
| Price talk: | 155 bps area
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | March 15, 2040
|
| Coupon: | 6.35%
|
| Yield: | 6.358%
|
| Spread: | Treasuries plus 167 bps
|
| Price talk: | 170 bps area
|
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