Hughes Raises Satellite Spending Cash (HUGH)

May 13, 2008 by Douglas A. McIntyre

Hughes Communications, Inc. (NASDAQ: HUGH) is under a little pressure after the company announced plans to offer a shelf registration for up to 2 million shares of common stock.

The broadband satellite network solutions and services global leader intends to offer 2 million common shares and an additional 239,000 shares will be offered by selling stockholders, including senior management members.

Joint book-runners will be Goldman Sachs and Lehman Brothers; and co-managers are Banc of America, Cowen & Co., Morgan Stanley, UBS, and Wachovia Securities.  The underwriting syndicate will also be granted an option to purchase an additional 335,940 shares of common stock for over-allotments.

The proceeds from the public offering valued at approximately $100 million from the company itself will be used for the purchase of a satellite or for general corporate purposes.  Hughes will not receive any proceeds from selling stockholders.

Shares of Hughes are down over 3% at $50.00 in early morning trading. The 52-week range is $42.00 to $61.00. The market cap currently sits around $965 million.

You can join our open email distribution list to hear about other secondary offerings, special financings, mergers, IPO’s, spin-offs, and other special situations.

Rachel Lopez
May 13, 2008

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.