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Crown Announces $300M Debt Offering

STUDIO CITY, CALIF. — Crown Media, parent of the
Hallmark Channel, said last week that it intends to
commence a private placement of about $300 million
in senior notes due 2019, mainly to retire old debt.

Crown also said it intends to enter into new senior
secured credit facilities which will be secured
by its assets and those of its subsidiaries and will
be guaranteed by its subsidiaries. The consummation
of the debt offering is conditioned on Crown
entering into the new credit facilities.

The offering should be completed by mid-July. In
a statement, Crown said the proceeds would be
used to extinguish obligations under its existing
term credit facilities, redeem its preferred stock
and for general corporate purposes.

The deals come about a year after Crown exchanged
about $1.2 billion in debt owed to its
parent, Hallmark Cards, in return for more equity
in the programmer. As part of that deal, Hallmark
Cards increased its equity stake in Crown to
90.3% from about 80% of its outstanding stock.

Dish CEO Exits EchoStar Board


ENGLEWOOD, COLO. — New Dish Network CEO Joseph
Clayton has resigned from the board of directors of
EchoStar, according to a filing with the Securities and
Exchange Commission last week.

In the filing EchoStar stated that Clayton’s decision
was prompted by his desire to devote more time to
his new role as CEO of Dish. Clayton was named in
May and officially assumed his new role on June 20.

EchoStar named Xerox vice president, chief engineer
and graphic communications liaison Anthony
Federico to replace Clayton on its board of directors.

EchoStar builds satellites and set-top boxes for
Dish and other pay TV providers. It also owns
Sling Media, the maker of the Slingbox.

AMC Networks Prices Debt Offering

BETHPAGE, N.Y. — AMC Networks, a subsidiary of
Cablevision Systems, said last Wednesday that it
has priced an offering of $700 million in 7.75% senior
notes due 2021. The offering is expected to close on
June 30, subject to customary closing conditions.

The offering is in conjunction with AMC’s planned
spin-off from Cablevision Systems. After the spin
is completed, AMC Networks will consist of cable
channels AMC, IFC, WE tv, Sundance Channel and
IFC Films. The company will also operate AMC/
Sundance Channel Global, an international programming
business, and AMC Networks Broadcasting
& Technology, a full-service network programming
feed origination and distribution company.