DirecTV pays back $910m
Chris Forrester

US DTH broadcasting giant DirecTV has bought back $910m of debt in the form of its senior notes. But it has borrowed $2bn.

DirecTV says it is looking to buy back its outstanding principal debt, which pays 8-3/8 in interest and which were not due to be repaid until 2013. Note holders will get $1031.25 for each $1000, plus unpaid interest.

The payment is coming from $2bn of fresh borrowings in the shape of new debt notes, but at a much lower cost (4.75% on half the debt due to be repaid in 2014, and 5.875% on that portion due to be repaid in 2019).