- The DIRECTV Group, Inc. has announced its subsidiaries, DIRECTV Holdings LLC and DIRECTV Financing Co., Inc., have completed their previously announced $2.5 billion debt financing. This financing consists of $1.5 billion in 7-5/8 percent senior notes due 2016 and $1.0 billion of incremental floating rate term loans under their existing senior secured credit facility. The net proceeds of these financings are available for general corporate purposes, including payment of a dividend to DIRECTV Group, to be used by it to fund purchases of its stock under its recently announced $3 billion share repurchase program.
- The CMBStar satellite was under construction by EchoStar Corporation for China’s State Administration of Radio, Film, and TV. This project was going to launch mid-year. This project cancellation will result in a $100 million impairment charge for EchoStar as the firm looks for ways to mediate the loss, perhaps via an alternative use project. According to EchoStar, the Chinese agency was notified of this project halt while further analysis was conducted relating to satellite performance criteria or the acceptance of alternative performance criteria.
- Jodi Morelli has joined SES Americom as the company’s Marketing Director of SES AMERICOM Media and Enterprise Services. Morelli brings 20 years of experience to the position. She has worked for Daniels & Associates, Fox Liberty Networks and Fox News Channel in senior marketing positions. She’ll be responsible for running the marketing efforts for the division, which includes HD-PRIME Neighborhood and SES AMERICOM’s Business Network—Princeton, New Jersey
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