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DBSD North America announces results of DISH Network tender offer
By Caroline Salls
Pittsburgh, April 27 - DBSD North America, Inc. said 82.3% of its senior noteholders, or holders of $606.2 million of the senior notes, tendered their claims for purchase by investor DISH Network Corp., according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
This does not include the 15.2% of senior notes claims that were already held by DISH Network.
As previously reported, DISH Network offered to purchase all outstanding senior note claims and all allowed general unsecured claims in the tender offer. DISH also offered to buy Sprint Nextel's disputed claim for $40 million and some administrative claims related to cure costs.
The noteholders who tendered their notes included all of the members of an informal committee of senior noteholders.
In addition to the noteholder tenders, DBSD said holders of $18.8 million of the total $19.2 million in general unsecured claims and cure claims tendered their claims for purchase, including all of the members of the company's official committee of unsecured creditors.
The tender offer expires on April 18, and claimants were paid on April 21.
DISH Network paid a total of $727.4 million for the notes claims, including accrued interest, and $18.8 million for the cure claims and unsecured claims.
After the tender offer, DISH Network owns $717.9 million of the DBSD senior notes, representing 97.5% of the notes.
DBSD is a subsidiary of ICO Global Communications (Holdings) Ltd., a Reston, Va., mobile satellite services company. The subsidiary filed for bankruptcy on May 15, 2009. Its Chapter 11 case number is 09-13061.
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