EchoStar Announces Partial Redemption of Senior Notes
EchoStar Communications [Nasdaq:DISH] announced that its subsidiary, EchoStar DBS, has elected to redeem $245 million principal amount of its 9 1/8 percent senior notes due 2009, fully exercising its optional partial redemption right. The outstanding principal amount of the notes after this redemption will be $455 million.
In accordance with the terms of the indenture governing the notes, the $245 million principal amount of the notes will be redeemed Sept. 3 at 109.125 percent, for a total of approximately $267 million. Interest on the notes will be paid through the Sept. 3 redemption date. EchoStar DBS decided to make the partial redemption to reduce its interest expenses.