By Paul A. Harris
Portland, Ore., June 8 – DISH DBS Corp., a subsidiary of DISH Network Corp., priced a massively upsized $2 billion issue of non-callable 10-year senior notes (Ba3/BB-) at par to yield 7¾% on Wednesday, according to market sources.
The issue size was increased from $750 million.
The yield printed on top of yield talk. Initial guidance had the deal pricing to yield 8% to 8¼%.
Deutsche Bank Securities Inc. ran the books.
The Englewood, Colo.-based satellite broadcasting company plans to use the proceeds for strategic transactions, which may include wireless and spectrum-related transactions.
| Issuer: | DISH DBS Corp. (DISH Network Corp.)
|
| Amount: | $2 billion, upsized from $750 million
|
| Maturity: | July 1, 2026
|
| Securities: | Senior notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 605 bps
|
| Call protection: | Non-callable
|
| Trade date: | June 8
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk; | 7¾%
|
| Marketing: | Quick to market
|
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