EchoStar postpones $1 billion sale of 10-year notes after CFO resignation

By Paul A. Harris

St. Louis, July 22 - EchoStar DBS Corp. postponed a $1 billion offering of 10-year senior notes (existing ratings Ba3/BB-) without comment on Thursday, according to a market source.

The postponement of the Wachovia Securities-led transaction came in the wake of chief financial officer Michael McDonnell's Wednesday afternoon announcement that he would resign effective Aug. 13.

Proceeds from the sale were to be used to repurchase or redeem all of the company's 10 3/8% senior notes due 2007.

EchoStar is a direct broadcast satellite subscription television service provider based in Englewood, Colo.

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