Get the latest gossip
Dish’s Debt-Exchange Sale to DirecTV Is ‘Tantamount to a Default,’ Credit-Rating Agency Says
EchoStar's deal to sell Dish to DirecTV, which will assume $9.75 billion in debt, is akin to Dish defaulting on its debt securities, S&P said.
As part of the deal, Dish DBS announced a “subpar exchange offer” for various tranches of its debt totaling around $10 billion, S&P noted. As part of the DirecTV-Dish transaction, TPG Angelo Gordon (TPG’s investment unit focused on credit and real estate investing) and some of its co-investors, along with DirecTV, provided $2.5 billion of financing to “fully refinance” the Dish TV business’ November 2024 debt maturity of $2 billion. If the DirecTV acquisition of Dish goes through — once it receives regulatory approvals, which analysts expect to occur — the combined company would have around 18 million customers, making it the No.
Or read this on Variety
