(Bloomberg) -- Dish Network Corp. parent EchoStar Corp. proposed swapping more than $5 billion of debt due in the coming years for new notes, the second such offer in less than a week as the company looks to address looming maturities.
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The Englewood, Colorado-company is offering holders of Dish notes due 2024, 2026, 2028 and 2029 the opportunity to swap their notes for new instruments — issued by a new legal entity backed by 3 million television subscribers — that carry a 10% coupon, according to a statement early Tuesday.
The company will issue no more than $3 billion of new notes, subject to certain adjustments, according to the statement.
Dish creditors have been living in fear and frustration since the company last week announced corporate maneuvers that moved assets out of their reach. Dish then announced late Friday a proposal to swap $4.9 billion of convertible debt for new bonds paying 10% and backed by wireless spectrum assets.
Dish’s 5.25% notes due 2026 fell 2.125 cents on the dollar to 77 cents as of 9:11 a.m. in New York, according to pricing source Trace.
The notes targeted in the exchange can be swapped for anywhere from 43 cents to 100 cents on the dollar, depending on the security and date of exchange.
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