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DISH Network’s parent EchoStar Corp terminated the debt exchange offer that would have restructured ~$5bn of DISH’s non-convertible debt. As reported earlier, the company had launched two debt swap offers earlier this month, a $4.9bn tender offer for its convertible debt and a $5bn debt swap offer for its non-convertible debt. While the $4.9bn convertible debt swap offer still stands, the other offer has been scrapped as it is said to have angered many bondholders. According to Bloomberg, a group comprising bondholders of secured and unsecured debt had earlier sent a letter to the company’s board threatening legal action if the proposed debt restructuring was not undone.
DISH’s bonds have dropped considerably this month with its 5.75% 2028s down ~12 points to trade at 68.7 cents on the dollar.
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