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Dish adds Scotiabank to finance Sprint deal -sources
May 23, 2013 / 10:57 PM / 5 years ago

Dish adds Scotiabank to finance Sprint deal -sources

May 23 (Reuters) - Dish Network Corp has added Canada’s Scotiabank to the four banks it had already lined up to finance its $25.5 billion bid for Sprint Nextel Corp, according to two people familiar with the matter.

Reuters reported on May 15 that Dish was working with Barclays Plc, Macquarie Group, Jefferies and the Royal Bank of Canada to help finance around $9 billion in debt needed for the offer but that it was still finalizing details.

A Dish spokesperson said on Thursday the satellite TV company run by billionaire founder Charlie Ergen had secured the financing necessary to finance its bid.

The sources declined to be identified because of the sensitive nature of the deal.

Sprint is also being pursued by Japan’s SoftBank, which has resulted in a public battle between SoftBank’s President Masayoshi Son and Ergen for control of Sprint, after Dish offered to trump the Japanese firm’s bid last month.

Earlier this week, Sprint said SoftBank granted it a waiver allowing it to consider Dish’s bid and allow the rival bidder full due diligence with Sprint.

SoftBank, which agreed last October to pay $20.1 billion for a 70 percent stake in Sprint, has said it was confident its bid would prevail.

It also announced in a separate filing on Tuesday that it would issue 400 billion yen ($3.9 billion) in bonds in June, the largest issuance ever by a non-financial Japanese company, to help pay for the Sprint deal.

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