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Dish Abandons Bid for Sprint

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On June 21, 2013, DISH Network Corporation (NASDAQ: DISH) decided to abandon its efforts to acquire Sprint Nextel Corporation (NYSE: S), and as a result, DISH DBS Corporation (the “Company”), an indirect wholly-owned subsidiary of DISH Network, gave notice to redeem all of its outstanding 5% Senior Notes due 2017 (the “2017 Notes”) and all of its outstanding 6.25% Senior Notes due 2023 (the “2023 Notes”), in a special mandatory redemption pursuant to the respective terms of (i) the indenture, dated as of May 28, 2013, among the Company, the guarantors named on the signature page thereto (the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”), relating to the 2017 Notes and (ii) the indenture, dated as of May 28, 2013, among the Company, the Guarantors and the Trustee, relating to the 2023 Notes. The $1.25 billion aggregate principal amount of the 2017 Notes and the $1.35 billion aggregate principal amount of the 2023 Notes, issued by the Company on May 28, 2013, will be redeemed in full on June 24, 2013. The redemption price for the 2017 Notes will be 100% of the aggregate principal amount of the 2017 Notes, plus accrued and unpaid interest from May 28, 2013 to, but excluding, June 24, 2013, and the redemption price for the 2023 Notes will be 101% of the aggregate principal amount of the 2023 Notes, plus accrued and unpaid interest from May 28, 2013 to, but excluding, June 24, 2013.

Posted-In: News M&A

 

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