EchoStar Corporation (NASDAQ:SATS) Announces Amendments to Exchange Offers in Recent 8-K Filing

On October 28, 2024, EchoStar Corporation filed a Form 8-K with the Securities and Exchange Commission (SEC), disclosing the amendment of certain terms related to its previously announced exchange offers (the “Exchange Offers”). These offers are intended for certain outstanding notes issued by DISH DBS Corporation, now amended to be exchanged for new notes issued by DBS that are set to be mandatorily exchanged for new notes issued by DIRECTV Financing, LLC and DIRECTV Financing Co-Obligor, Inc. The terms and conditions of these exchanges are detailed in an exchange offer memorandum and consent solicitation statement dated September 30, 2024, supplemented by Supplement No. 1 to the Exchange Offer Memorandum, dated October 28, 2024. The company also released a press release regarding these amendments.

EchoStar’s amendments encompass decreasing the Discount Amount, increasing the Mandatory Exchange Consideration for specific new DTV Issuer Notes, extending the Expiration Time, updating certain sections of the Original Exchange Offer Memorandum, and aligning redemption provisions with the Outstanding 2028 DBS Notes.

The Exchange Offers by EchoStar are subject to various conditions, including the minimum Series Exchange Condition and the Acquisition Consent Threshold Condition. Eligible Holders who have previously tendered their Outstanding Notes do not need to take any further action to be eligible to receive the Exchange Consideration.

Full details outlining the terms and requirements of the Exchange Offers can be found in the Exchange Offering Memorandum provided by DBS to Eligible Holders of the Outstanding Notes. Holders of the Outstanding Notes should carefully review the Exchange Offering Memorandum to make informed decisions regarding their participation in the Exchange Offers.

The Exchange Offers and Consent Solicitations are specifically targeted at Qualified Institutional Buyers or non-U.S. persons compliant with Regulation S under the U.S. Securities Act, provided they are eligible participants. The Exchange Offers are made separately for each outstanding note series and are subject to individual modifications or terminations by DBS.

The press release also emphasizes that the Exchange Offers are tailored to comply with applicable securities laws, with the New Notes not being registered under the Securities Act or state securities laws.

EchoStar’s Exchange Offers are brokered by PJT Partners LP and Barclays Capital Inc., with Kroll Issuer Services Limited serving as the exchange agent and information agent.

The Exchange Offers are not an offer to sell or exchange any securities, and the related consents are also not solicited hereby.

For more detailed information on the Exchange Offers and Consent Solicitations, Eligible Holders can reach out to PJT Partners LP and Barclays Capital Inc. via specified contact details or contact Kroll Issuer Services Limited, the exchange agent and information agent, for further relevant documents.

The press release closes with EchoStar providing forward-looking statements cautioning investors to consider the risks and uncertainties associated with such statements.

This article is based on the Form 8-K SEC Filing filed by EchoStar on October 28, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EchoStar’s 8K filing here.

About EchoStar

EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names.