DirecTV to start roadshow Wednesday for $1.4 billion 10-year notes

By Paul A. Harris

St. Louis, Feb. 10 - DirecTV Holdings LLC starts a roadshow Wednesday for $1.4 billion of senior subordinated notes due 2013, according to a syndicate source.

The deal is expected to price during the week of Feb. 24.

Although ratings are pending, the transaction will be conducted from high-yield desks, the source added.

Deutsche Bank Securities Inc., Credit Suisse First Boston, Goldman Sachs & Co. and Salomon Smith Barney are joint bookrunners.

The Rule 144A notes are non-callable for five years.

The company will also take out $1.55 billion in new senior secured credit facilities.

Proceeds from the notes and the term loan portion of the new credit facilities will be used by Hughes Electronics Corp. to repay outstanding indebtedness under its existing credit facilities, to fund Hughes' business plan through projected cash flow breakeven and for Hughes' other corporate purposes, according to a Monday press release.

The issuer, a wholly owned subsidiary of Hughes, is a digital satellite television service provider headquartered in El Segundo, Calif.

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