Pegasus Announces the Filing of a Registration Statement for Exchange Offers

12-3/8% Senior Subordinated Notes Due 2006 of Golden Sky Systems, Inc.

13-1/2% Senior Subordinated Discount Notes Due 2007 of Golden Sky DBS, Inc.



Apr 12, 2001, 01:00 ET from Pegasus Communications

    BALA CYNWYD, Pa., April 12 /PRNewswire/ --
 Pegasus Communications (Nasdaq: PGTV) announced today that its wholly-owned
 subsidiary, Pegasus Satellite Communications, Inc. has filed a registration
 statement with the Securities and Exchange Commission for a proposed exchange
 offer.  In the proposed exchange offer, Pegasus will offer to issue: (1) its
 12-3/8% Senior Notes due 2006 in exchange for 12-3/8% Series A and Series B
 Senior Subordinated Notes due 2006 of Golden Sky Systems, Inc. and (2) its
 13-1/2% Senior Subordinated Discount Notes due 2007 in exchange for 13-1/2%
 Series B Senior Discount Notes due 2007 of Golden Sky DBS, Inc.  Both Golden
 Sky companies are wholly-owned subsidiaries of Pegasus Satellite
 Communications.  The Company is also soliciting the consents of the holders of
 the Golden Sky Systems notes and Golden Sky DBS notes for certain proposed
 amendments to their notes indentures.  The exchange offers are intended to
 simplify the capital structure of the Company, Golden Sky Systems and Golden
 Sky DBS and afford the Company more flexibility under the covenants of its
 existing indebtedness.
     A prospectus for the exchange offers will be available when the
 registration statement becomes effective.  The new securities may not be
 exchanged, nor may offers to exchange be accepted prior to the time the
 registration statement becomes effective.  For more information, holders of
 the Golden Sky Systems notes and the Golden Sky DBS notes may contact the
 dealer managers for the exchange offers:
 
      Brian Perman        Jarvan Shen
      CIBC World Markets  Credit Suisse First Boston
      (212) 856-4000      (212) 538-7767
 
     A registration statement relating to these securities has been filed with
 the Securities and Exchange Commission but has not yet become effective.
 These securities may not be sold nor may offers to buy be accepted prior to
 the time the registration statement becomes effective.  This press release
 shall not constitute an offer to sell or the solicitation of an offer to buy
 nor shall there be any sale of these securities in any state in which such
 offer, solicitation or sale would be unlawful prior to registration or
 qualification under the securities laws of any such state.
 
     About Pegasus
     Pegasus Communications Corporation (http://www.pgtv.com) is one of the
 fastest growing media companies in the United States and serves approximately
 1.5 million DBS customers in 41 states, after giving effect to pending
 acquisitions. Pegasus is the 10th largest cable or satellite provider in the
 United States and the only publicly traded cable, satellite TV or Internet
 services company exclusively focused on providing service to rural and
 underserved areas. Pegasus is expanding the array of advanced digital products
 and services it offers through the thousands of independent retailers in the
 Pegasus Retail Network to include broadband Internet access for both consumers
 (Pegasus Express(TM) powered by DirecPC(R)) and for enterprises
 (Pegasus Express Pro(TM)). Pegasus is also a broadcaster operating and/or
 programming 10 TV stations affiliated with FOX, UPN and The WB networks,
 serving over 2 million TV households in smaller markets.
 
     Safe Harbor
     Certain matters contained in this news release concerning the business
 outlook which are not historical facts in this press release 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 will occur as anticipated or that the
 Company's results will be as estimated.  Factors which can affect the
 Company's performance are described in the Company's filings with the
 Securities and Exchange Commission, including the Company's 2000 annual report
 on Form 10-K.
 
 

SOURCE Pegasus Communications
    BALA CYNWYD, Pa., April 12 /PRNewswire/ --
 Pegasus Communications (Nasdaq: PGTV) announced today that its wholly-owned
 subsidiary, Pegasus Satellite Communications, Inc. has filed a registration
 statement with the Securities and Exchange Commission for a proposed exchange
 offer.  In the proposed exchange offer, Pegasus will offer to issue: (1) its
 12-3/8% Senior Notes due 2006 in exchange for 12-3/8% Series A and Series B
 Senior Subordinated Notes due 2006 of Golden Sky Systems, Inc. and (2) its
 13-1/2% Senior Subordinated Discount Notes due 2007 in exchange for 13-1/2%
 Series B Senior Discount Notes due 2007 of Golden Sky DBS, Inc.  Both Golden
 Sky companies are wholly-owned subsidiaries of Pegasus Satellite
 Communications.  The Company is also soliciting the consents of the holders of
 the Golden Sky Systems notes and Golden Sky DBS notes for certain proposed
 amendments to their notes indentures.  The exchange offers are intended to
 simplify the capital structure of the Company, Golden Sky Systems and Golden
 Sky DBS and afford the Company more flexibility under the covenants of its
 existing indebtedness.
     A prospectus for the exchange offers will be available when the
 registration statement becomes effective.  The new securities may not be
 exchanged, nor may offers to exchange be accepted prior to the time the
 registration statement becomes effective.  For more information, holders of
 the Golden Sky Systems notes and the Golden Sky DBS notes may contact the
 dealer managers for the exchange offers:
 
      Brian Perman        Jarvan Shen
      CIBC World Markets  Credit Suisse First Boston
      (212) 856-4000      (212) 538-7767
 
     A registration statement relating to these securities has been filed with
 the Securities and Exchange Commission but has not yet become effective.
 These securities may not be sold nor may offers to buy be accepted prior to
 the time the registration statement becomes effective.  This press release
 shall not constitute an offer to sell or the solicitation of an offer to buy
 nor shall there be any sale of these securities in any state in which such
 offer, solicitation or sale would be unlawful prior to registration or
 qualification under the securities laws of any such state.
 
     About Pegasus
     Pegasus Communications Corporation (http://www.pgtv.com) is one of the
 fastest growing media companies in the United States and serves approximately
 1.5 million DBS customers in 41 states, after giving effect to pending
 acquisitions. Pegasus is the 10th largest cable or satellite provider in the
 United States and the only publicly traded cable, satellite TV or Internet
 services company exclusively focused on providing service to rural and
 underserved areas. Pegasus is expanding the array of advanced digital products
 and services it offers through the thousands of independent retailers in the
 Pegasus Retail Network to include broadband Internet access for both consumers
 (Pegasus Express(TM) powered by DirecPC(R)) and for enterprises
 (Pegasus Express Pro(TM)). Pegasus is also a broadcaster operating and/or
 programming 10 TV stations affiliated with FOX, UPN and The WB networks,
 serving over 2 million TV households in smaller markets.
 
     Safe Harbor
     Certain matters contained in this news release concerning the business
 outlook which are not historical facts in this press release 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 will occur as anticipated or that the
 Company's results will be as estimated.  Factors which can affect the
 Company's performance are described in the Company's filings with the
 Securities and Exchange Commission, including the Company's 2000 annual report
 on Form 10-K.
 
 SOURCE  Pegasus Communications