DISH Network plans to sell $1 billion seven-year convertibles to yield 1.875%-2.375%, up 30%-35%

By Stephanie N. Rotondo

Seattle, March 10 – DISH Network Corp. said it plans to sell a $1 billion private placement of seven-year convertible senior notes on Friday, with price talk for a 1.875% to 2.375% yield and an initial conversion premium of 30% to 35%.

Deutsche Bank Securities Inc. is the bookrunner.

Pricing is expected after Friday’s close. The new debt will be sold to qualified institutional investors under Section 4(a)(2).

The convertible bonds are non-callable for life. Conversions will be settled in cash, class A common stock or a combination of the two, at the company’s option.

Proceeds will be used for strategic transactions, which may include wireless and spectrum-related transactions, and general corporate purposes.

DISH is an Englewood, Colo.-based satellite TV provider.

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