11-06-01, 08:23 PM
LITTLETON, Colo. (AP) -- EchoStar Communications Corp. chairman Charlie Ergen no longer has more than $2 billion of his own money riding on a deal to acquire rival DirecTV.
Credit Suisse First Boston on Monday agreed to provide EchoStar a $2.75 billion loan to replace an unusual financing arrangement in the company's bid to acquire DirecTV, which is owned Hughes Electronics Corp., a subsidiary of General Motors Corp.
During negotiations the day before the $25.8 billion deal was announced Oct. 28, GM agreed to lend EchoStar the $2.75 billion needed to complete the deal after a financing package fell through at the last minute. Ergen, a former professional blackjack player, used his own EchoStar shares as collateral.
To read more click HERE (http://biz.yahoo.com/apf/011105/echostar_financing_1.html)
Credit Suisse First Boston on Monday agreed to provide EchoStar a $2.75 billion loan to replace an unusual financing arrangement in the company's bid to acquire DirecTV, which is owned Hughes Electronics Corp., a subsidiary of General Motors Corp.
During negotiations the day before the $25.8 billion deal was announced Oct. 28, GM agreed to lend EchoStar the $2.75 billion needed to complete the deal after a financing package fell through at the last minute. Ergen, a former professional blackjack player, used his own EchoStar shares as collateral.
To read more click HERE (http://biz.yahoo.com/apf/011105/echostar_financing_1.html)