Dish Launches Debt Swap After Controversial Asset Transfer
- Company seeks to swap convertible debt for new 10% notes
- New bonds would be backed by spectrum worth around $9 billion
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The parent of Dish Network Corp. launched an offer to exchange about $4.9 billion of convertible debt for new bonds two days after freeing up some of its most valuable assets in a controversial maneuver that has angered many of its bondholders.
The offer, announced in a statement late Friday, would allow holders of the convertible debt to swap their notes for new secured securities paying interest of 10% and backed by wireless spectrum that the company estimates is worth about $9 billion.