Hughes Communications is in the market for a seven-year, $115 million senior unsecured term loan. Bear Stearns launched syndication of the credit last Wednesday. Pricing is expected to be LIBOR plus 2 3/4%. The company will use the loan to partially fund the purchase or construction of a satellite, as well as for general corporate purposes. A Bear Stearns banker did not return a call.
The company has an existing $50 million senior secured revolver and $450 million of 9.5% senior notes due 2014. The notes were used to repay term loan borrowings under a previous credit facility in April 2006. Based in Germantown, Md., Hughes is the parent company of Hughes Network Systems, a provider of satellite and terrestrial technologies. Calls to Deepak Dutt, treasurer, were not returned by press time.