By Paul A. Harris
St. Louis, Sept. 24 - DISH Network Corp. priced a $400 million add-on to its 7 7/8% senior notes due Sept. 1, 2019 (existing ratings Ba3/BB-) at 101.75 to yield 7.617% on Thursday, according to an informed source.
Deutsche Bank Securities Inc. ran the books.
Proceeds will be used for general corporate purposes.
The original $1 billion issue priced at 97.467 to yield 8¼% on Aug. 13, 2009.
The issuer is an Englewood Colo.-based satellite TV provider.
| Issuer: | DISH Network Corp.
|
| Face amount: | $400 million
|
| Proceeds: | $407 million
|
| Maturity: | Sept. 1, 2019
|
| Security description: | Add-on to the 7 7/8% senior notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 7 7/8%
|
| Price: | 101.75
|
| Yield: | 7.617%
|
| Call features: | Non-callable for life apart from make-whole call at Treasuries plus 50 bps
|
| Equity clawback: | For up to 35% of issue at 107.875 for first three years
|
| Trade date: | Sept. 24
|
| Settlement date: | Oct. 5 with accrued interest
|
| Existing ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A
|
| Original issue: | $1 billion priced at 97.467 to yield 8¼% on Aug. 13, 2009
|
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