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On December 16, 2020, S&P Global Ratings assigned its CCC+ issue-level rating to Dish Network Corporation's proposed $2 billion unsecured convertible notes. These notes do not have any subsidiary guarantees from entities that hold wireless spectrum assets or the pay-TV entities. Further, the ratings agency estimates that the pay-TV asset value is fully absorbed by debt issued at operating subsidiary Dish DBS Corp. under S&P’s hypothetical default scenario. The Company plans to use proceeds for general corporate purposes, which may include 5G wireless network build costs.
Dish Network announced that on December 16, 2020, it priced an offering of $2 billion aggregate principal amount of 0% Convertible Notes due 2025. In connection with the offering, the Company also granted the initial purchaser a 30-day option to purchase up to an additional $300 million in aggregate principal amount of the Notes. The Notes will mature on December 15, 2025. The Notes will not bear regular interest and the principal amount of the Notes will not accrete.
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