By Paul A. Harris
St. Louis, Jan. 19 - EchoStar DBS Corp. priced a massively upsized $1.5 billion issue of 7 1/8% 10-year senior notes (Ba3/BB-/BB-) at 99.612 to yield 7.18% in a quick-to-market transaction, according to an informed source.
The yield priced within the 7 1/8% area price talk.
Credit Suisse and Deutsche Bank Securities were joint bookrunners for the Rule 144A issue.
The issue was upsized from $1 billion.
The use of proceeds for the planned $1 billion issue was to redeem EchoStar DBS's outstanding 9 1/8% senior notes due 2009 and for general corporate purposes. Sources were unavailable late Thursday to specify how the additional proceeds will be used.
EchoStar is an Englewood, Colo., satellite TV company which operates DISH Network.
| Issuer: | EchoStar DBS Corp.
|
| Amount: | $1.5 billion (increased from $1 billion)
|
| Maturity: | Feb. 1, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank Securities
|
| Coupon: | 7 1/8%
|
| Price: | 99.612
|
| Yield: | 7.18%
|
| Spread: | 281 basis points
|
| Call protection: | Non-callable for life
|
| Trade date: | Jan. 19
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A
|
| Price talk: | 7 1/8% area
|
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