Dish Network announces $1 billion debt offering
Dish Network to hold $1 billion debt offering, proceeds could go toward wireless deal
ENGLEWOOD, Colo. (AP) -- Dish Network Corp. said Tuesday that it is planning a $1 billion debt offering, the proceeds of which may be used for wireless strategic transactions.
The Englewood, Colo., satellite television company has been trying to get into the wireless market.
In January, Dish made a $5.15 billion bid for wireless network operator Clearwire. At that point, Clearwire had already agreed to an offer from Sprint Nextel Corp. to pay $2.2 billion for the 49 percent of Clearwire that Sprint doesn't already own.
Last week, Clearwire said that it will tap financing from Sprint Nextel, which makes the Dish Network deal less likely.
Dish had indicated that it would withdraw its offer if Clearwire used Sprint financing.
Dish said Tuesday that its subsidiary, DISH DBS Corp. is offering the senior notes and the proceeds could be used for wireless and spectrum-related strategic transactions, as well as general corporate purposes.
Shares of Dish increased 5 cents to $38.09 in afternoon trading.
