DISH Network Corp. (DISH) Thursday said its subsidiary, DISH DBS Corp. has priced an offering of $1.25 billion aggregate principal amount of 5 percent Senior Notes due 2017 and $1.35 billion aggregate principal amount of 6.25 percent Senior Notes due 2023. Both notes will be issued at an issue price of 100 percent.
The net proceeds of the offering will be placed into escrow and will be released to make a cash distribution to DISH Network to finance a portion of the cash consideration for its proposed merger with Sprint Nextel Corp. (S).
If at any time on or prior to the escrow end date DISH Network does not acquire or merge with Sprint or DISH Network abandons its efforts to acquire Sprint, DISH DBS will be required to redeem all the notes.
The offering is expected to close on May 28.
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