DISH Network Places Offering of $2,000,000,000 in Senior Secured Notes

Rhea-AI Summary

DISH Network Corporation has priced an offering of $2 billion aggregate principal amount of its 11.750% Senior Secured Notes due 2027. The Notes will be issued at an issue price of 98.171% of the principal amount.

The net proceeds are intended for general corporate purposes, including wireless infrastructure buildout. The offering is set to close on November 15, 2022, subject to customary conditions.

Positive

• Offering of $2 billion in Senior Secured Notes indicates confidence in raising capital.
• Proceeds aimed at expanding wireless infrastructure, potentially enhancing future service capabilities.

Negative

• Notes will be issued at an issue price below par, indicating a discount.
• Notes not registered under the Securities Act, limiting their marketability.

ENGLEWOOD, Colo., Nov. 7, 2022 /PRNewswire/ -- DISH Network Corporation ("DISH Network") (NASDAQ: DISH) today announced that it priced an offering of $2,000,000,000 aggregate principal amount of its 11.750% Senior Secured Notes due 2027 (the "Notes").  The Notes will be issued at an issue price of 98.171% of the principal amount.  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 offering is expected to close on November 15, 2022 subject to customary conditions.

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 its 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.

View original content:https://www.prnewswire.com/news-releases/dish-network-places-offering-of-2-000-000-000-in-senior-secured-notes-301670807.html

SOURCE DISH Network Corporation

FAQ

What is the amount of DISH Network's recent bond offering?

DISH Network's recent bond offering amounts to $2 billion.

What is the interest rate on DISH's Senior Secured Notes?

The interest rate on DISH's Senior Secured Notes is 11.750%.

When is the closing date for DISH Network's bond offering?

The closing date for DISH Network's bond offering is November 15, 2022.

What will the proceeds from DISH Network's bond offering be used for?

The proceeds from the bond offering will be used for general corporate purposes, including building out wireless infrastructure.

What is the issue price of DISH's Senior Secured Notes?

The issue price of DISH's Senior Secured Notes is 98.171% of the principal amount.