By Paul A. Harris
Portland, Ore., July 19 - Dish DBS Corp. priced a massively upsized $1 billion add-on to its 5 7/8% senior notes due July 15, 2022 (Ba2/BB-/) at 100.75 to yield 5.771% on Thursday, according to market sources.
The deal doubled in size from the announced $500 million amount.
The reoffer price came in line with the 100.5 to 101 price talk.
Deutsche Bank Securities Inc. ran the books.
The Englewood, Colo.-based satellite broadcasting company plans to use the proceeds for general corporate purposes.
The original $1 billion issue priced at par on May 8 as part of a $1.9 billion two-part deal, which also included $900 million 4 5/8% senior notes due July 15, 2017.
| Issuer: | Dish DBS Corp.
|
| Face amount: | $1 billion, upsized from $500 million
|
| Proceeds: | $1,008,000,000
|
| Maturity: | July 15, 2022
|
| Security description: | Add-on to 5 7/8% senior notes due July 15, 2022
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 5 7/8%
|
| Price: | 100.75
|
| Yield: | 5.771%
|
| Spread: | 431 bps
|
| Call protection: | Non-callable
|
| Make-whole call: | Treasuries plus 50 bps
|
| Trade date: | July 19
|
| Settlement date: | July 26
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100.5 to 101
|
| Marketing: | Quick to market
|
| Original issue: | $1 billion issue priced at par on May 8
|
| Total issue size: | $2 billion
|
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