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DIRECTV Holdings LLC Announces Completion of Tender Offer for 8-3/8% Senior Notes Due 2013 and Notice of Optional Redemption for the Remaining Outstanding 8-3/8% Senior Notes Due 2013
Wednesday, September 23, 2009 9:51 AM


(Source: Business Wire)trackingDIRECTV Holdings LLC (the "Company"), a wholly-owned subsidiary of The DIRECTV Group, Inc. (NASDAQ:DTV), announced today the expiration and final results of the previously announced fixed price cash tender offer (the "Tender Offer") to purchase any and all of its 8-3/8% Senior Notes due 2013 (CUSIP No. 25459HAB1) (the "Senior Notes").

The Tender Offer expired at 11:59 P.M, New York City time, on September 21, 2009.

The Company has accepted for purchase all of the Senior Notes validly tendered (and not validly withdrawn) in the Tender Offer. The aggregate principal amount of the Senior Notes validly tendered (and not validly withdrawn) pursuant to the Tender Offer was $583,112,000, representing approximately 64.08 % of outstanding Senior Notes. The total consideration payable per $1,000 principal amount of the Senior Notes is $1,031.25 (plus accrued and unpaid interest as described in the Company's Offer to Purchase, dated September 14, 2009 (the "Offer to Purchase")).

The Company funded payment of all Senior Notes purchased pursuant to the Tender Offer from available cash and cash from a private placement of debt securities that closed on September 22, 2009.

The Company announced that it gave Notice of Optional Redemption today for the remaining $326,888,000 aggregate principal amount outstanding of Senior Notes at a price of 102.792% of the principal amount together with accrued interest to October 23, 2009 in accordance with the terms of the Senior Notes and the Indenture dated February 28, 2003 for the Senior Notes.

This press release is neither an offer to purchase nor a solicitation to buy any Senior Notes. The Tender Offer was made solely pursuant to the Offer to Purchase and related documents. Additional terms and conditions of the optional redemption are set forth in the Notice of Optional Redemption dated September 23, 2009. The Company is making the redemption only by, and pursuant to the terms of the Notice of Optional Redemption, dated September 23, 2009. The complete terms and conditions of the optional redemption are set forth in the Notice of Optional Redemption that is being sent to the holders of the outstanding Senior Notes.



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