Technology

Dish to redeem $2.6 bn debt sold in May as Sprint Bid fails

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MUMBAI: Dish Network Corp (DISH), the satellite-TV company that abandoned its bid for Sprint Nextel Corp, will redeem $2.6 billion of bonds it issued last month to help fund the planned acquisition.

The company will redeem on 24 June its $1.25 billion of five per cent bonds due May 2017 at 100 cents on the dollar and its $1.35 billion of 6.25 per cent notes due May 2023 at 101 cents on the dollar, plus accrued and unpaid interest, the Englewood, Colorado-based company said today in a regulatory filing.

The company was required to redeem the securities if it failed in its bid for Sprint, based on terms of the bond sale completed on 15 May. Investors negotiated during the marketing period to increase the redemption price on the 10-year bonds to 101 cents from par during the first six months.

The 2017 bonds were quoted as high as 100.5 cents on the dollar to yield 4.87 percent on May 28 before falling to 100 cents, yielding 5 percent, yesterday, according to prices compiled by Bloomberg.

The 2023 securities were quoted as a low as 99.2 cents to yield 6.36 percent on June 6 before rising to a high of 100.8 cents, yielding 6.14 per cent, on June 19, Bloomberg prices show. They were quoted at 100.5 cents to yield 6.18 per cent yesterday.

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