DISH Network Announces Secured Debt Offering

Rhea-AI Summary

DISH Network Corporation (NASDAQ: DISH) announced plans to offer approximately $500 million in senior secured notes, subject to market conditions. The proceeds will support general corporate purposes, particularly the development of wireless infrastructure. The notes will be secured by assets from certain DISH subsidiaries and will only be available to qualified institutional buyers under Rule 144A of the Securities Act. The offering is not registered under the Securities Act, and sales are prohibited in the U.S. without registration or an exemption. Forward-looking statements are included, highlighting risks and uncertainties associated with this offering.

Positive

• Offering $500 million in senior secured notes aimed at strengthening financial position.
• Proceeds will be used for the development of wireless infrastructure.

Negative

• The offering of unsecured debt can imply increased risk for current shareholders.
• Notes not registered under Securities Act could limit investment opportunities.

ENGLEWOOD, Colo., Jan. 17, 2023 /PRNewswire/ -- DISH Network Corporation ("DISH Network") (NASDAQ: DISH) today announced that it plans to offer, subject to market and other conditions, approximately $500 million aggregate principal amount of its senior secured notes. The net proceeds of the offering are intended to be used for general corporate purposes, including the buildout of wireless infrastructure. The notes will be secured by certain assets of certain DISH Network subsidiaries.

The notes will only be offered and sold to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and in offshore transactions in accordance with Regulation S under the Securities Act. The notes being offered have not been registered under the Securities Act or the securities laws of any other jurisdiction. The notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the notes; nor shall there be any sale of these notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in DISH Network's Disclosure Regarding Forward-Looking Statements included in their recent filings with the Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date made, and DISH Network expressly disclaims any obligation to update these forward-looking statements.

 

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SOURCE DISH Network Corporation

FAQ

What is DISH Network's recent offering amount?

DISH Network announced a recent offering of approximately $500 million in senior secured notes.

What will DISH Network use the proceeds from the notes for?

Proceeds from the offering will be used for general corporate purposes, including the development of wireless infrastructure.

Who can purchase the senior secured notes from DISH Network?

The notes will only be offered to persons reasonably believed to be qualified institutional buyers.

Are the notes being offered by DISH Network registered?

No, the notes have not been registered under the Securities Act or any other jurisdiction.

What are the risks associated with DISH Network's announcement?

The offering entails forward-looking statements that include various risks and uncertainties, which could impact actual results.