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Dish’s parent EchoStar scrapped the exchange offer for $4.9bn of convertible notes issued by Dish, as per the company announcement. The exchange offer was scrapped after it did not receive sufficient participation from existing bondholders, The proposed exchange would have swapped the 0% 2025s and 3.375% 2026s (convertible notes) with new 10% 2030 unsecured notes to be issued by EchoStar. Two weeks ago, EchoStar had scrapped the debt exchange offer of restructuring ~$5bn of DISH’s non-convertible debt. With this, both the distressed debt exchange offers launched last month by EchoStar stand cancelled.
Dish’s bonds were slightly higher, with its 5.75% 2028s up by 1 point to 69.7 cents on the dollar.
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