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Bond Market News
EchoStar’s Bonds Rise on $17bn Spectrum Sale to SpaceX
September 9, 2025
SpaceX has agreed to acquire EchoStar’s AWS-4 and H-block spectrum for a total of $17bn, split between $8.5bn in cash and up to $8.5bn in SpaceX stock. As part of the deal, SpaceX will also fund $2bn in cash interest payments on EchoStar’s debt through November 2027, helping EchoStar address its $25bn debt load and resolve a lingering probe with the Federal Communications Commision (FCC). This follows EchoStar’s $23bn spectrum sale to AT&T, effectively ending its ambitions of becoming a major wireless carrier. The news drove EchoStar and DISH bonds higher by 1-3 points and EchoStar’s shares closed 26% higher to $84.48. For SpaceX, the acquisition provides critical spectrum to accelerate its direct-to-device satellite services and reduce reliance on partners like T-Mobile, while the FCC said the deal could boost competition and promote more efficient spectrum use in the US.
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