ENGLEWOOD, Colo., Nov. 10, 2021 /PRNewswire/ -- DISH Network
Corporation ("DISH Network") (NASDAQ: DISH) today announced that
its subsidiary, DISH DBS Corporation ("DISH DBS"), priced an
offering of $2,750,000,000 aggregate
principal amount of its 5.25% Senior Secured Notes due 2026 (the
"2026 Notes") and $2,500,000,000
aggregate principal amount of its 5.75% Senior Secured Notes due
2028 (the "2028 Notes" and, together with the 2026 Notes, the
"Notes"). The 2026 Notes will be issued at an issue price of 100%
of the principal amount and the 2028 Notes will be issued at an
issue price of 100% of the principal amount. The net proceeds of
the offering are intended to be used to make an intercompany loan
to DISH Network in order to finance the potential purchase of
wireless spectrum licenses and for general corporate purposes,
including the buildout of wireless infrastructure. The
intercompany loan will be secured by (i) the cash proceeds of the
loan and (ii) an interest in any wireless spectrum licenses
acquired using such proceeds. In certain cases, DISH Network
wireless spectrum licenses (valued based upon a third-party
valuation) may be substituted for the collateral. The
intercompany loan will not be included as collateral for the Notes,
and the Notes will be subordinated to DISH DBS's existing and
certain future unsecured notes with respect to certain realizations
under the intercompany loan and any collateral pledged as security
for the intercompany loan.
The offering is expected to close on November 26, 2021 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 and DISH DBS' Disclosure
Regarding Forward-Looking Statements included in their recent
filings with the Securities and Exchange Commission, including
their 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 and DISH DBS expressly disclaim any
obligation to update these forward-looking statements.
View original
content:https://www.prnewswire.com/news-releases/dish-network-places-offering-of-5-250-000-000-in-senior-secured-notes-301421632.html
SOURCE DISH Network Corporation