DISH talks $2 billion five-year convertible notes at 0%, up 30%-40%

By Abigail W. Adams

Portland, Me., Dec. 15 – DISH Network Corp. plans to price $2 billion of five-year convertible notes after the market close on Wednesday with price talk for a fixed coupon of 0% and an initial conversion premium of 30% to 40%, according to a market source.

Morgan Stanley & Co. LLC is the bookrunner for the Rule 144A offering, which carries a greenshoe of $300 million.

The notes are non-callable.

The convertibles will be settled in cash, shares or a combination of both at the company’s option.

Proceeds will be used for general corporate purposes, including 5G network buildout costs.

DISH is an Englewood, Colo.-based direct-broadcast satellite provider.

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