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DISH unit calls all 5% notes, 6¼% notes after parent drops Sprint deal
By Marisa Wong
Madison, Wis., June 21 - DISH Network Corp.'s indirect wholly owned subsidiary, DISH DBS Corp., issued a redemption notice on Friday for all of its outstanding 5% senior notes due 2017 and all of its outstanding 6¼% senior notes due 2023, according to an 8-K filing with the Securities and Exchange Commission.
DISH DBS gave notice of the special mandatory redemption after DISH Network decided to abandon its efforts to acquire Sprint Nextel Corp.
The $1.25 billion principal amount of 5% notes and $1.35 billion principal amount of 6¼% notes, issued by DISH DBS on May 28, will be redeemed in full on June 24.
The redemption price for 5% notes will be par plus accrued interest from May 28 to but excluding June 24, and the redemption price for the 6¼% notes will be 101 plus accrued interest from May 28 to but excluding June 24.
Wells Fargo Bank, NA is the trustee for both series of notes.
DISH is a direct broadcast satellite pay-TV service based in Englewood, Colo.
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