By Paul A. Harris
Portland, Ore., April 3 - DISH DBS Corp. massively upsized its two-part notes offer (Ba2/BB-/) to $2.3 billion from $1 billion, and priced the deal on Tuesday, according to a market source.
The short maturity tranche features $1.2 billion of five-year notes, which priced at par to yield 4¼%. The yield printed at the tight end of the 4¼% to 4 3/8% yield talk.
The long tranche was a $1.1 billion issue of seven-year notes, which priced at par to yield 5 1/8%, on top of yield talk.
Deutsche Bank Securities Inc. was the bookrunner.
The Englewood, Colo.-based satellite broadcasting company plans to use the proceeds for general corporate purposes.
| Issuer: | DISH DBS Corp.
|
| Amount: | $2.3 billion, increased from $1 billion
|
| Securities: | Senior notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Investor put: | 101% upon change of control
|
| Trade date: | April 2
|
| Settlement date: | April 5
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
|
|
| Five-year notes
|
| Amount: | $1.2 billion
|
| Maturity: | April 1, 2018
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 348 bps
|
| Equity clawback: | 35% at 104.25 until April 1, 2016
|
| Price talk: | 4¼% to 4 3/8%
|
|
|
| Seven-year notes
|
| Amount: | $1.1 billion
|
| Maturity: | May 1, 2020
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 387 bps
|
| Equity clawback: | 35% at 105.125 until May 1, 2016
|
| Price talk: | 5 1/8% area
|
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