Dish Network has terminated a recent exchange deal aiming to push out its debt maturity, while a separate debt swap offer from the telecommunications company remains in effect, WSJ Pro Bankruptcy reported. EchoStar, Dish’s parent company, late Monday said its subsidiary ended an offer announced two weeks ago to swap more than $6 billion of its unsecured notes maturing between this year and 2029. The proposal had offered new secured debt of up to $4 billion maturing in 2030 and beyond, with the new notes secured by assets including Dish’s more than three million subscribers. EchoStar, which recently merged with Dish Network, earlier this month said it hired investment bank Houlihan Lokey and law firm White & Case to assist the company in looking for ways to address its more than $20 billion debt load. A separate Dish debt exchange announced Jan. 12 is still in effect. That deal offered to swap nearly $5 billion of its convertible notes to new debt that will mature in 2029 and 2030. These new notes would be issued under an unrestricted subsidiary and secured by certain spectrum licenses moved to that entity, EchoStar said at the time.
