New Issue: DirecTV prices $750 million 8 7/8% six-year secured notes at par

By Paul A. Harris

Portland, Ore., Jan. 12 – DirecTV Financing, LLC priced a $750 million issue of six-year senior secured notes (Ba3/BB/BBB-) at par to yield 8 7/8% on Friday, according to market sources.

The yield printed at the tight end of yield talk in the 9% area. Initial guidance was in the low-9% area.

The deal was between three-times and four-times oversubscribed heading into midday on Friday, a trader said.

Bookrunners were Barclays, UBS Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Jefferies LLC. and TPG Capital BD, LLC.

The El Segundo, Calif.-based video distribution platform plans to use the proceeds to repay a portion of its $3.1 billion term loan B due 2027.

Issuer:	DirecTV Financing, LLC
Amount:	$750 million
Issue:	Senior secured notes
Maturity:	Feb. 1, 2030
Bookrunners:	Barclays, UBS Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Jefferies LLC. and TPG Capital BD, LLC
Coupon:	8 7/8%
Price:	Par
Yield:	8 7/8%
Spread:	497 bps
First call:	Feb. 1, 2026 at 104.438
Trade date:	Jan. 12
Settlement date:	Jan. 24
Ratings:	Moody’s: Ba3
	S&P: BB
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	9% area
Marketing:	Roadshow

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