Pegasus exchanges further notes

New York, Nov. 14 - Pegasus Communications Corp. said that its Pegasus Satellite Communications Inc. subsidiary carried out further note exchanges in the third quarter, continuing a process begun in the second quarter.

Pegasus said in a filing with the Securities and Exchange Commission that in the two quarters it issued $161.6 million principal amount of 11¼% senior notes due 2010 in exchange for $163.8 million principal amount of previously outstanding notes, made up of $33.4 million of 9 5/8% notes, $28.9 million of 9¾% notes, $36.5 million of 12½% notes, $36.8 million of 12 3/8% notes and $28.2 million of 13½% notes.

In addition, in October, Pegasus exchanged $4.3 million principal amount of 11¼% notes for a like principal amount of 13½% notes.

On July 23, Pegasus reported on its second-quarter transactions, saying it had issued $94 million principal amount of 11¼% senior notes due 2010 in exchange for an equivalent principal amount of its outstanding notes, consisting of $21.9 million principal amount of 9 5/8% senior notes due 2005, $28.6 million principal amount of 12 3/8% senior notes due 2006, $11.5 million principal amount of 9¾% senior notes due 2006, and $32 million principal amount of 12½% senior notes due 2007.

In the latest SEC filing, the Bala Cynwyd, Pa.-based provider of satellite TV programming said the exchanges have extended the maturity of its debt and reduced the principal outstanding by $2.2 million.

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