EchoStar’s Hughes taps market for $1bn
July 20, 2016
By Chris Forrester
Hughes Satellite Systems, a subsidiary of EchoStar Corp, is looking to raise up to $1 billion by issuing senior secured notes.
Hughes says the net proceeds of the exercise will be used for capital expenditure, and working capital.
Hughes has had a complex series of ownerships. Back in 1987 it was owned by Hughes Aircraft, and in 2004 bought by News Corp as part of Rupert Murdoch’s ownership of DirecTV. The then Hughes Network Systems was sold by Murdoch to Sky Terra. Sky Terra spun the business off in 2006, and in 2011 EchoStar bought the business for about $1 billion.
The company is now best known as the supplier of high-speed satellite delivered broadband (at speeds typically of 18-22 Mb/s).
Hughes Europe has its HQ near Darmstadt, Germany.