Duo Dial Up Lenders For Hughes Network

JP Morgan and Bear Stearns are leading $375 million of loans for Hughes Network Systems (HNS).

  • 29 Apr 2005
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JP Morgan and Bear Stearns are leading $375 million of loans for Hughes Network Systems (HNS). The debt consists of a $50 million revolver, a $275 million first lien and a $50 million second-lien tranche. Pricing is LIBOR plus 3% on the revolver and term loan "B" and LIBOR plus 6 3/4% on the second-lien. The facility replaces a proposed $50 million revolver and a $325 million senior notes offering, which was shelved due to choppiness in the high-yield market earlier this month.

SkyTerra Communications, which is 63% owned by private equity fund Apollo Management, is buying 50% of HNS. The facility will be used to finance the acquisition and complete the company's SPACEWAY 3 satellite.

Moody's Investors Service assigned B1 ratings to the first-lien debt and a B3 rating to the second lien. Moody's said the ratings reflect HNS' challenges from land-based competition, low margins and significant risk and spending associated with launching the SPACEWAY 3 satellite in late 2006.

  • 29 Apr 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 32,618.79 103 11.88%
2 JPMorgan 25,662.81 73 9.35%
3 Wells Fargo Securities 24,627.51 67 8.97%
4 Bank of America Merrill Lynch 23,023.30 73 8.39%
5 Barclays 17,051.25 56 6.21%