The credit markets are clearly improving for media companies. Dish Network increased its $300 million bond offering to $400 million and found plenty of takers.
Dish DBS Corporation, a subsidiary of Dish Network Corporation, priced the offering of $400 million at an issue price of 101.75%. The new note offering was added onto an existing issue of $1 billion sold in mid-August with a coupon of 7.875%. So, the pricing for the add-on works out to a yield of just over 7.6%. So, the market for Dish’s bonds has improved in just the past month and a half.
The entire issue of $1.4 billion of senior notes will be due in 2019. Dish said the proceeds from the latest sale, due to close October 5th, will be used for general corporate purposes.