EchoStar amends DBS exchange offer
EchoStar has increased its offer to exchange certain DBS notes for new DTV notes by $0.06-$0.065, lowering the discount by about $70MM from $1.568BN to $1.499BN. We have no idea whether this is an output of discussions between bondholders and the company or whether the company is doing this unilaterally. Either way, improving the terms increases the odds of the exchange going through. Our base case remains that the deal is in the best interest of all parties and will ultimately be done.EchoStar is a holding company. Through its subsidiaries, the company is a global provider of broadband satellite technologies, broadband internet services for home and small office customers, satellite operations and satellite services. The company operates in two business segments: Hughes, which provides broadband satellite technologies and broadband internet services and broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions; and EchoStar Satellite Services, which uses certain of the company's owned and leased in-orbit satellites and related licenses to provide satellite service operations and satellite services.
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