BREAKINGVIEWS-Charlie Ergen drowns in two kinds of debt

Reuters11-16

BREAKINGVIEWS-Charlie Ergen drowns in two kinds of debt

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Jennifer Saba

NEW YORK, Nov 15 (Reuters Breakingviews) - The EchoStar founder may lose a deal to merge his satellite TV service Dish with rival DirecTV after bondholders balked at a $1.5 bln haircut. Years of bidding up assets and finagling the financial burden has tried creditors’ patience. It would be wise to come to the table now.

Full view will be published shortly.

Follow @jennifersaba on X

CONTEXT NEWS

DirecTV said on Nov. 12 it would terminate its merger with rival satellite pay-TV provider EchoStar’s Dish by a Nov. 22 deadline after a group of bondholders failed to agree to the deal earlier in the week.

Under the terms of the agreement announced on Sept. 30, DirecTV will buy EchoStar’s TV assets for $1 plus the assumption of Dish’s net debt. As part of the transaction, Dish and DirecTV have commenced an exchange offer for $9.75 billion of debt. The deal is contingent on holders of that debt accepting a haircut of roughly $1.5 billion on their principal.

(Editing by Jonathan Guilford and Pranav Kiran)

((For previous columns by the author, Reuters customers can click on SABA/jennifer.saba@thomsonreuters.com))

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