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Dish Network Corp Places Offering Of $2.6 Billion In Senior Notes


Thursday, 16 May 2013 08:00am EDT 

Dish Network Corp announced that its subsidiary, DISH DBS Corporation (DISH DBS), has priced an offering of $1.25 billion aggregate principal amount of 5% Senior Notes due 2017 (the 2017 Notes) and $1.35 billion aggregate principal amount of 6.25% Senior Notes due 2023 (the 2023 Notes, and together with the 2017 Notes, the Notes). The 2017 Notes will be issued at an issue price of 100% and the 2023 Notes will be issued at an issue price of 100%. The net proceeds of the offering will be placed into escrow. The net proceeds from the sale of the Notes in this offering will be released from escrow to make a cash distribution to DISH Network to finance a portion of the cash consideration for DISH Network`s proposed merger with Sprint Nextel Corporation (Sprint). If at any time on or prior to the escrow end date DISH Network does not acquire or merge with Sprint (or acquires or merges with Sprint in a transaction for which the cash consideration paid by DISH Network is less than $2.6 billion) or DISH Network abandons its efforts to acquire Sprint, DISH DBS will be required to redeem all of the Notes. The offering is expected to close on May 28, 2013. 

Company Quote

64.71
-0.64 -0.98%
11:42am EDT