DISH sets price talk for $4 billion two-part secured notes offering; pricing Wednesday

By Paul A. Harris

Portland, Ore., Nov. 9 – DISH Network Corp. and DISH DBS Corp. set price talk in their $4 billion two-part offering of senior secured bullet notes (S&P: B+), according to market sources.

The deal features five-year notes talked to yield in the 5¼% area, inside of initial guidance in the mid-5% area.

The offering also features seven-year notes talked to yield in the 5¾% area, in line with initial guidance that had the seven-year notes guided 50 basis points behind the five-year notes.

Tranche sizes remain to be determined.

Books were scheduled to close late Tuesday, and deal is expected to price on Wednesday.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Guggenheim are leading the Rule 144A and Regulation S deal.

The Englewood, Colo., satellite broadcasting company plans to use the proceeds to make an intercompany loan to DISH Network in order to finance the potential purchase of wireless spectrum licenses and for general corporate purposes, including the buildout of wireless infrastructure.

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