DISH DISH Network Corporation Class A

DISH Network Announces Closing of $1 Billion Placement of 2.375% Convertible Notes due 2024

DISH Network Corporation (“DISH Network”) (NASDAQ: DISH) today announced that, on March 17, 2017, it had closed its previously announced private placement of $1 billion aggregate principal amount of 2.375% Convertible Notes due 2024. The net proceeds from the placement are intended to be used for strategic transactions, which may include wireless and spectrum-related strategic transactions, and for other general corporate purposes.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Except for historical information contained herein, the matters set forth in this press release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in DISH Network’s Disclosure Regarding Forward-Looking Statements included in its recent filings with the Securities and Exchange Commission, including its annual report on Form 10-K. The forward-looking statements speak only as of the date made, and DISH Network expressly disclaims any obligation to update these forward-looking statements.

EN
20/03/2017

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Reports on DISH Network Corporation Class A

Blair Levin
  • Blair Levin

SATS Public Notice Final Filings: What Have We Learned

The record formally closed on Friday for the two FCC Proceedings affecting SATS. In this note we update our analysis of the situation considering the new filings.

Blair Levin ... (+3)
  • Blair Levin
  • Jonathan Chaplin
  • Philip Burnett

Chapter 11 and Spectrum Values – Questions We Didn’t Get To

We hosted a call on Monday that covered our analysis of the impact of the FCC inquiries on spectrum values, and how this could change if the Company files for Chapter 11 protection. We hosted the call with Jeff Carlisle who is perhaps the leading expert on matters that sit at the intersection of telecom policy and bankruptcy. We got more questions than we could answer in the time we had, and so we covered the questions we didn’t get to in this note.

Jonathan Chaplin
  • Jonathan Chaplin

DBS also misses interest payment

Today EchoStar filed an 8-K announcing that they would not make a scheduled interest payment on DBS secured and unsecured bonds. As with the skipped interest payment at EchoStar, this triggers a 30-day grace period after which DBS will be in default. A default at DBS would also trigger a default at Dish Network Corp., based on cross-default protections in Dish Network Corp. bonds. Our quick thoughts in this (very) brief note.

Blair Levin
  • Blair Levin

Of SATS, the FCC and NextWave

Since Friday’s announcement that SATS is not making an interest payment, triggering a 30-day period that could lead to a SATS voluntary Chapter 11 proceeding, we have been in numerous talks with investors about the most notorious bankruptcy case involving the FCC and a telecom company, NextWave. In this note we quickly summarize the key lessons of that case for investors analyzing the potential implications of a SATS bankruptcy proceeding.

Blair Levin
  • Blair Levin

SATS Proceedings: First FCC Filings

As previously discussed, earlier this month, the FCC opened two proceedings that could adversely affect SATS. The opening round of filings in those proceedings ended earlier this week. In this note we review the filings to update our analysis of the likely outcome.

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