EchoStar’s notional debt outstanding increased by US$7.64 billion between May and June.
On 28 July, the company repaid all outstanding obligations of its 7.75% senior notes, which were due 1 July and valued at US$2 billion.
READ MORE: Origination: Issuer profile – EchoStar Corp
Echostar currently has a CCC+ credit rating from S&P Global, last reviewed in March. Moody’s upgraded the company in April, from Caa2 to B3.
The company has recently completed a sale of licenses to AT&T for US$23 billion. The delay of this sale meant that EchoStar filed for Chapter 11 bankruptcy protection for its subsidiary Dish DBS at the end of June, as it did not have the liquidity to repay US$2 billion in secured notes due 31 June.
EchoStar is expected to put subsidiary Hughes Network Systems into bankruptcy before it is due to repay US$1.5 billion in maturing bonds on 1 August.
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