DirecTV launches $1.75 billion credit facilities to investors

By Sara Rosenberg

New York, Jan. 8 – DirecTV Financing LLC was scheduled to hold a lender call at 3 p.m. ET on Monday to launch $1.75 billion of credit facilities, according to a market source.

UBS Investment Bank and Barclays are the arrangers on the deal.

The facilities consist of a $500 million revolver due Aug. 2, 2028 and a $1.25 billion first-lien term loan due Aug. 2, 2029.

Price talk on the term loan is SOFR+CSA plus 525 basis points with a 0.75% floor and an original issue discount of 98.75, the source said.

CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to extend by two years a portion of the company’s existing roughly $3.1 billion first-lien term loan and to extend by two years its existing revolver.

In connection with the extension, proceeds from other secured debt will prepay a portion of the remaining non-extended term loan balance, for a $1.1 billion pro forma term loan balance due August 2027.

DirecTV is a video distribution platform.

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