Pegasus Satellite Communications, Inc. Announces Extension of Tender Offer

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Supporting Founder
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Supporting Founder
Sep 8, 2003
Las Vegas, Nevada
BALA CYNWYD, Pa.--(BUSINESS WIRE)--Feb. 24, 2004--Pegasus Communications Corporation (NASDAQ:pGTV) today announced that its subsidiary, Pegasus Satellite Communications, Inc. (the "Company"), extended its pending cash tender offer (the "Offer") for up to $100 million aggregate principal amount of outstanding debt securities (the "Notes") maturing in 2005 through 2007.

The expiration date for the Offer has been extended from midnight, Eastern Standard Time, on February 23, 2004, to midnight, Eastern Standard Time, on March 1, 2004, unless further extended. As of midnight February 23, 2004, the Company had received tenders from holders of approximately $239.1 million principal amount of Notes. The tenders consist of $63.4 million of 9.625% Senior Notes due 2005, $98.7 million of 12.375% Senior Notes due 2006 and $77.0 million of 12.500% Senior Notes due 2007. In accordance with the proration rules set forth in the Offer document, the 9.750% Senior Notes due 2006 have been returned to holders.

The Company intends to close the Offer subject to the satisfaction of certain conditions, including the Company obtaining satisfactory financing as well as other general conditions, which are further detailed in the Offer to Purchase Documents dated January 26, 2004. Although the Company is pursuing a number of financing alternatives, there can be no assurance that such financing will be received or that the Offer will be completed. Holders are urged to read the tender offer documents carefully. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Information Agent for the Offer, Global Bondholder Services Corporation, at (866) 588-8700 (US toll-free) and (212) 430-3774 (collect).

Banc of America Securities is the exclusive Dealer Manager for the Offer. Questions regarding the Offer may be directed to Banc of America Securities LLC, High Yield Special Products, at (888) 292-0070 (US toll-free) and (704) 388-4813 (collect).

Cautionary Statement

Any statements which are not historical facts are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and will be considered forward-looking statements. Such forward-looking statements may be identified with words such as "we expect," "we predict," "we believe," "we project," "we anticipate," and similar expressions.

Pegasus' actual results may differ materially from those expressed or indicated by forward-looking statements. There can be no assurance that these future events, including pending transactions, will occur as anticipated or that the Company's results will be as estimated.

Factors which can affect our performance and future events are described in our filings with the Securities and Exchange Commission, and include the following: general economic and business conditions, nationally, internationally, and in the regions in which we operate; catastrophic events, including acts of terrorism; relationships with and events affecting third parties like DirecTV, Inc. and the National Rural Telecommunications Cooperative; litigation with DirecTV, Inc.; the recent change of control of DIRECTV, Inc.; demographic changes; existing government regulations and changes in, or the failure to comply with, government regulations; competition, including the provision of local channels by a competing direct satellite provider in markets where DirecTV does not offer local channels; the loss of any significant numbers of subscribers or viewers; changes in business strategy or development plans; the cost of pursuing new business initiatives; an expansion of land-based communications systems; technological developments and difficulties; our ability to obtain intellectual property licenses and to avoid committing intellectual property infringement; our ability to attract and retain qualified personnel; our significant indebtedness; and the availability and terms of capital to fund the expansion of our businesses.

Persons are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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