EchoStar Communications Corporation Announces $200 Million Preferred
Stock Offering
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09/26/97
Business Wire
(Copyright (c) 1997, Business Wire)
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ENGLEWOOD, Colo.--(BUSINESS WIRE)--Sept. 26, 1997--EchoStar Communications Corporation ("EchoStar," NASDAQ: DISH) today announced that it will raise $200 million in an offering (the "Offering") of 12-1/8% Senior Redeemable Exchangeable Series B Preferred Stock (the "Preferred Stock").
Dividends on the Preferred Stock are payable either in cash or in additional shares of Preferred Stock. The Preferred Stock is exchangeable into debt at any time after issuance and is mandatorily redeemable by EchoStar in 2004.
The proceeds from the Offering will be used to expand the subscriber base for EchoStar's state-of-the-art DISH Network direct broadcast satellite system, marketing expenses and general corporate purposes.
EchoStar III is scheduled to launch October 6, 1997, from Cape Canaveral, Florida. This satellite will complement current programming offered by the DISH Network by expanding educational and business programming, including possible data delivery and retransmission of local channels to select markets.
EchoStar, headquartered in Englewood, Colorado, is a worldwide manufacturer and distributor of satellite television products and the only U.S. provider of state-of-the-art full MPEG -2/DVB compliant satellite television systems. EchoStar is a single consumer source for equipment, sales, installation and service, consumer financing and programming distribution. EchoStar is widely recognized in the satellite industry for its advanced research and development activities.
DISH Network is a service mark of EchoStar Communications Corporation. DISH Network is located on the Internet at: dishnetwork.com .
The Preferred Stock offered by EchoStar has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. EchoStar will file a Registration Statement with the Securities and Exchange Commission within 45 days to provide for the exchange of the securities for publicly registered securities.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward looking statements. Factors which would cause or contribute to such differences include, but are not limited to, factors detailed in EchoStar's Securities and Exchange Commission filings, downturns in EchoStar's primary markets, disruptions in EchoStar's operations from acts of God, launch failures, competition and the unavailability of financing to complete management's plans and objectives.
CONTACT: EchoStar Communications Corporation, Englewood Judianne Atencio, Communications Director, 303/706-5112 e-mail: judianne.atencio@echostar.com
12:42 EDT SEPTEMBER 26, 1997 |
