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DirecTV units extend $2B debt tender deadline

Mon, 04/05/2010 - 8:10am
The Associated Press

EL SEGUNDO, Calif. (AP) – Two subsidiaries of satellite TV provider DirecTV Inc. said Monday that they've extended the deadline by which holders of $2 billion of privately placed debt may exchange their holdings for registered securities.

DirecTV Holdings and DirecTV Financing Co. extended the offer for $1 billion in senior notes carrying an interest rate of 4.75 percent and due 2014 to 5 p.m. EDT on April 13. The same extension applies for $1 billion of senior notes due 2019 with an interest rate of 5.875 percent.

The notes were first issued in September 2009 in a private placement, which does not require registration with the Securities and Exchange Commission. The DirecTV subsidiaries want to exchange them for registered debt of the same amounts, interest rates and maturity dates.

About 54.7 percent of the 2014 notes and 35.5 percent of the 2019 notes have been tendered, the company said.

Shares of DirecTV were up 45 cents, or $1.3 percent, to $34.72 in midday trading.

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