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Bond Market News
Dish DBS Creditors Unconvinced by the Exchange Offer Terms
October 2, 2024
Yesterday, Dish DBS had announced an exchange offer for its bonds which requires bondholders to accept a principal haircut of atleast $1.57bn. The exchange offer terms must be approved by two-thirds of bondholders in each note series by 29 October. Obtaining an agreement is far from guaranteed as several bondholders have voiced their dissatisfaction over the proposed terms. An ad-hoc group of Dish DBS bondholders, advised by Lazard Inc. and Milbank will gather on a call today to discuss next steps, according to the sources. Earlier, Dish and DirecTV announced a merger, however, the deal hinges on complex transactions involving AT&T, TPG, and Dish’s parent company, EchoStar. Meanwhile, a different group of convertible bondholders has already agreed to the terms, with over 85% approval already received in comparison to the 90% requirement.
Its 5.25% 2026s dropped up 1 point to trade at 92.6, yielding 9.06%.
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