EchoStar Communications Corp. chairman Charlie Ergen has secured the final
piece of financing for his pending $25.8 billion acquisition of Hughes
On Monday, EchoStar said it obtained $2.75 billion in financing from Credit
Suisse First Boston Corp. The short-term loan was the final piece of a $5.5
billion cash component in EchoStar's bid for DirecTV Inc.'s parent.
Earlier, Deutsche Bank AG committed $2.75 billion, but Hughes parent General
Motors Corp. had to provide the other half through a short-term bridge loan
secured by Ergen's personal holdings in EchoStar.
EchoStar had lined up UBS Warburg LLC for the other half of the $5.5 billion
cash requirement, but it rejected the loan after Warburg insisted on a standard
clause that would allow it to back out of the deal in the case of a 'material
The CS First Boston commitment replaces GM's bridge loan. It is expected that
both the CS First Boston and Deutsche Bank bridge loans will be replaced with