DISH Network reposted this
Today we announced an unprecedented series of transactions that will disrupt the wireless and pay-TV industries – and drive tremendous benefit and value to investors, our employees, and most importantly, to wireless and video consumers. These transactions represent one of the largest and most comprehensive simultaneous out-of-court M&A and balance sheet restructurings to date. We have announced our intent to sell our pay-TV business to DIRECTV, secured financing to meet our November debt maturity, and announced an agreement with a group of our convertible notes holders who own about $5 billion in debt, due in 2025 and 2026. Upon approval, this transaction will decrease our total principal owed and extend payment terms by six years. It will also provide approximately $5.5 billion dollars in additional financing. With this enhanced financial flexibility, we will further enhance and deploy our state-of-the-art nationwide 5G ORAN network and advance our mission. These transactions will also create a stronger, healthier, and more focused EchoStar Corporation providing more choices and better service for U.S. wireless consumers. I am proud to lead this incredible organization and talented team members, and I am excited about the opportunities ahead. You can learn more here: https://lnkd.in/gxv5atpr #EchoStar #DIRECTV #Innovation #5G #ORAN