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 BNP Paribas 13,823 26 18.14
2 Bank of America Merrill Lynch (BAML) 8,207 26 10.77
3 Lloyds Bank 7,202 22 9.45
4 Citi 6,256 16 8.21
5 JP Morgan 5,220 8 6.85

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 105,474.10 301 10.96%
2 Bank of America Merrill Lynch 86,762.28 250 9.02%
3 JPMorgan 81,465.60 238 8.47%
4 Wells Fargo Securities 77,934.65 225 8.10%
5 Credit Suisse 63,570.21 165 6.61%