CSFB to Provide Loan of $2.75 Billion to EchoStar
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Credit Suisse First Boston agreed to provide EchoStar a $2.75-billion loan to replace an unusual financing arrangement in the company’s bid for DirecTV, a division of General Motors Corp. subsidiary Hughes Electronics Corp.
During negotiations the day before the $25.8-billion deal was announced Oct. 28, EchoStar Chairman Charles Ergen used his own EchoStar shares as collateral.
Deutsche Bank had agreed to provide EchoStar with the other half of a $5.5-billion financial package that helped EchoStar win the bidding for Hughes.
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