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DISH Network Begins Rights Offering To Raise Proceeds Of About $1 Bln

DISH Network Corp. (DISH) said that it has commenced its rights offering to raise proceeds of about $1 billion.

The company plans to use proceeds from the rights offering for general corporate purposes, including investments in the wireless business.

As per the terms of the rights offering, DISH is commencing distribution of transferable subscription rights pro rata to holders of record of DISH's Class A and B common stock, and outstanding convertible notes as of the record date.

DISH noted that it will distribute one subscription right for each 18.475 shares of DISH's eligible securities that a holder held on the record date. Subscription rights will be rounded down to the nearest whole number and, no fractional subscription rights will be issued. Each subscription right will entitle the holder to acquire one newly-issued share of DISH's Class A common stock at a subscription price of $33.52 per share of Class A common stock.

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