Dish Junk Bonds Rally on $23 Billion EchoStar Deal with AT&T

Dish bonds are among the biggest gainers in the US high-yield market on Tuesday after its parent company EchoStar agreed to sell spectrum licenses to AT&T for about $23 billion.

• Dish’s 5.125% senior unsecured notes due in 2029 rose about 11.13 cents on the dollar to 82.5 cents as of 8:18am in New York
  • It’s 5.25% bonds maturing next year rose about 3.81 cents to 96.94
  • EchoStar, which has skipped bond payments, said in a statement it plans to use the proceeds from the transaction to pay down debt and fund its continued operations and growth initiatives
• Read more: AT&T ...