By Paul A. Harris
St. Louis, Sept. 20 - EchoStar DBS Corp. priced a quick-to-market $1 billion of 10-year senior notes (expected Ba3/confirmed BB-) Monday at 99.102 with a 6 5/8% coupon to yield 6¾%, according to an informed source.
Price talk was 6 5/8% to 6¾%.
Credit Suisse First Boston and Banc of America Securities ran the books for the Rule 144A issue. Wachovia Securities was the co-manager.
Proceeds will be used to call the company's 10 3/8% notes due Oct. 1, 2007 and for general corporate purposes.
EchoStar is a Littleton, Colo.-based direct broadcast satellite TV service company.
| Issuer: | EchoStar DBS Corp.
|
| Amount: | $1 billion
|
| Maturity: | Oct. 1, 2014
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse First Boston, Banc of America Securities
|
| Co-manager: | Wachovia Securities
|
| Coupon: | 6 5/8%
|
| Price: | 99.102
|
| Yield: | 6¾%
|
| Spread: | 269 basis points
|
| Call: | Make-whole call at Treasuries plus 50 basis points
|
| Equity clawback: | Until Oct. 1, 2007 for 35% at 106.625
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody's: expected Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 6 5/8%-6¾%
|
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