DIRECTV 2010 Annual Report Download - page 99

Download and view the complete annual report

Please find page 99 of the 2010 DIRECTV annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 142

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142

DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Term Loan C resulted in a first quarter 2010 pre-tax charge of $9 million, accrued and unpaid interest. On October 23, 2009, DIRECTV U.S. redeemed the
$6 million after tax, of which $6 million resulted from the write-off of unamortized remaining $327 million of its 8.375% senior notes at a price of 102.792% plus
discount and $3 million resulted from the write-off of deferred debt issuance and accrued and unpaid interest for a total of $339 million.
other transaction costs. The charge was recorded in ‘‘Other, net’’ in our The redemption of our 8.375% senior notes resulted in a 2009 pre-tax charge
Consolidated Statements of Operations. of $34 million, $21 million after tax, of which $27 million resulted from the
premium paid for redemption of our 8.375% senior notes and $7 million resulted
2009 Financing Transactions from the write-off of deferred debt issuance and other transaction costs. The charge
On September 22, 2009, DIRECTV U.S. issued the following senior notes: was recorded in ‘‘Other, net’’ in our Consolidated Statements of Operations.
Proceeds, net 2008 Financing Transactions
Principal of discount
(Dollars in Millions) In May 2008, DIRECTV U.S. completed financing transactions that included
4.750% senior notes due in 2014 ................. $1,000 $ 997 the issuance of senior notes and an amendment to its existing senior secured credit
5.875% senior notes due in 2019 ................. 1,000 993 facility, resulting in the following new borrowings:
$2,000 $1,990 Proceeds, net
Principal of discount
We incurred $14 million of debt issuance costs in connection with these (Dollars in Millions)
transactions. 7.625% senior notes due in 2016 ................. $1,500 $1,500
Senior secured credit facility—Term Loan C .......... 1,000 990
On September 22, 2009, DIRECTV U.S. purchased, pursuant to a tender
offer, $583 million of its then outstanding $910 million 8.375% senior notes at a $2,500 $2,490
price of 103.125% plus accrued and unpaid interest, for a total of $603 million.
On September 23, 2009, DIRECTV U.S. exercised its right to redeem the We incurred $19 million of debt issuance costs in connection with these
remaining $327 million of the 8.375% senior notes at a price of 102.792% plus transactions.
77