TPG Financing Tied to Dish-DirecTV Deal Creates New Wrinkle (2)

A financing led by TPG Angelo Gordon amid the proposed tie-up between satellite pay-TV providers Dish Network and DirecTV is creating a fresh wrinkle in an already complicated and contentious deal process.

Dish agreed last month to merge with DirecTV via a series of transactions that would see AT&T Inc. transfer its majority stake in DirecTV to private equity firm TPG Inc. At issue is a loan that TPG’s credit arm, TPG Angelo Gordon, agreed to provide to pay off some $2 billion in unsecured Dish notes due later this month, whether the deal goes through or not.

TPG wants ...