EchoStar to sell DISH Pay-TV business to DIRECTV for $1.00 plus debt assumption

EchoStar CORP

EchoStar sells all equity of DISH DBS (Pay-TV) to DIRECTV Holdings for $1.00 plus assumption of net debt.
Permitted cash transfers to EchoStar pre-closing capped at $1.52B; DBS must retain minimum $400M cash at closing.
DBS launches exchange offers for its five series of secured/unsecured notes (2026-2029) for new first/second lien notes of equal principal.
SubscriberCo obtains up to $2.3B term loan facility secured by ~3M DISH TV subscriber contracts and $200M preferred equity.
EchoStar signs support agreement with >85% of DISH Convertible Note holders to exchange for up to $2.4B senior secured notes and $1.98B convertible notes; also $5.1B new money notes commitment.

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