DISH Network Corp. (DISH) announced that its subsidiary, DISH DBS Corporation, plans to offer approximately $2.5 billion aggregate principal amount of its senior notes. The net proceeds of the offering will be placed into escrow.
The company noted that the net proceeds from the sale of the notes in this offering will be released from escrow to make a cash distribution to DISH Network to finance a portion of the cash consideration for DISH Network's proposed merger with Sprint Nextel Corp. (S).
If the proposed merger with Sprint does not occur on or prior to the escrow end date, or if DISH DBS elects at any time on or prior to the escrow end date, DISH DBS will redeem all of the notes, the company said.
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