EchoStar Communications Corp. has sealed the funding deal to enable its acquisition of Hughes Electronics and arch-rival DirecTV.
EchoStar announced Monday that Credit Suisse First Boston has joined Deutsche Bank to provide approximately $5.5 billion to finance the company's announced merger with Hughes Electronics.
Credit Suisse First Boston's $2.75 billion commitment replaces General Motors' temporary bridge financing and adds to the previously announced $2.75 billion bridge commitment from Deutsche Bank to provide EchoStar with the total expected $5.5 billion of financing necessary to consummate the merger.
General Motors gave EchoStar additional time to secure the funding when its board accepted EchoStar's bid for Hughes.
- Richard Tedesco