ENGLEWOOD, Colo., Jan. 2, 2024
/PRNewswire/ -- DISH Network Corporation ("DISH") today announced
that, in connection with the closing of the merger between DISH
and EchoStar Corporation ("EchoStar") on December 31, 2023, as a result of which DISH
survived the merger as a wholly owned subsidiary of EchoStar,
DISH's 2.375% Convertible Notes due 2024 (the "2024 Notes"), 0%
Convertible Notes due 2025 (the "2025 Notes") and 3.375%
Convertible Notes due 2026 (the "2026 Notes" and, together with the
2024 Notes and 2025 Notes, the "Notes") have become convertible
into shares of EchoStar Class A common stock, par value
$0.001 per share ("EchoStar Common
Stock"). The Notes were previously convertible into shares of DISH
Class A common stock, par value $0.01
per share ("DISH Common Stock").
Pursuant to a supplemental indenture with respect to each series
of Notes entered into in connection with the closing of the merger
by and among DISH, EchoStar and U.S. Bank Trust Company, National
Association (as successor to U.S. Bank National Association), as
trustee, the right of the holders of the Notes that were
outstanding as of the closing of the merger to convert each
$1,000 principal amount of such Notes
into shares of DISH Common Stock was changed into a right to
convert such principal amount of Notes into the number of shares of
EchoStar Common Stock that a holder of a number of shares of DISH
Common Stock equal to the applicable Conversion Rate (as defined in
the applicable indenture) would have been entitled to receive upon
the closing of the merger. Upon the closing of the merger, each
then-outstanding share of DISH Common Stock was converted into the
right to receive 0.350877 shares of EchoStar Common Stock,
resulting in an adjusted Conversion Rate of 4.2677 for the 2024
Notes, 8.5657 for the 2025 Notes and 5.3835 for the 2026 Notes.
As a result of the merger and pursuant to the terms of the
applicable indenture, holders of the Notes may surrender all or any
portion of their Notes (that is $1,000 in principal amount or an integral
multiple thereof) for conversion at any time from or after the open
of business on January 2, 2024 until
the close of business on the 35th Trading Day (as defined in the
applicable indenture) after the date of the merger, which is
expected to be February 21, 2024. In
addition, pursuant to the terms of the indenture governing the 2024
Notes, holders of the 2024 Notes currently have the right to
surrender all or any portion of their Notes (that is $1,000 in principal amount or an integral
multiple thereof) for conversion at any time prior to the close of
business on the second Scheduled Trading Day (as defined in the
indenture governing the 2024 Notes) immediately preceding
March 15, 2024 (the maturity date of
the 2024 Notes).
About DISH Network
DISH Network Corporation is a
connectivity company. Since 1980, it has served as a disruptive
force, driving innovation and value on behalf of consumers. Through
its subsidiaries, the company provides television entertainment and
award-winning technology to millions of customers with its
satellite DISH TV and streaming SLING TV services. In 2020, the
company became a nationwide U.S. wireless carrier through the
acquisition of Boost Mobile. DISH continues to innovate in
wireless, building the nation's first virtualized, O-RAN 5G
broadband network. As of December 31,
2023, DISH Network Corporation is a wholly owned subsidiary
of EchoStar Corporation (Nasdaq: SATS).
About EchoStar
EchoStar Corporation (Nasdaq: SATS) is a global connectivity leader
with wireless, satellite and video distribution capabilities that
offer consumer, enterprise, operator, and government solutions
under a suite of brands, including Hughes®,
Hughesnet®, JUPITER™, HughesON™, EchoStar®,
DISH Wireless®, Boost Wireless™, Sling TV®
and DISH TV™. In Europe, EchoStar
operates under its EchoStar Mobile Limited subsidiary and in
Australia, the company operates as
EchoStar Global Australia. For more information, visit
www.echostar.com and follow EchoStar on Twitter and LinkedIn.
©2023 EchoStar. Hughes and HughesNet are registered trademarks
of Hughes Network Systems, LLC, an EchoStar company.
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SOURCE DISH Network Corporation