10:00 AM EST, 11/12/2024 (MT Newswires) -- EchoStar ( SATS ) said Tuesday it completed several strategic transactions intended to optimize the satellite company's balance sheet and to better position its nationwide Open RAN 5G telecommunications network for the future.

The company said investors swapped more than $4.68 billion in face value of existing convertible notes, including 92.9% of the 0% convertible notes due 2025 previously issued by the company's DISH Network subsidiary as well as 98.5% of Dish Network's 3.375% convertible notes maturing in 2026. The noteholders received roughly $2.3 billion of new 6.75% senior spectrum secured exchange notes due 2030 and about $1.9 billion of 3.875% convertible senior spectrum secured note due 2030, respectively, Echostar ( SATS ) said.

Following the notes exchange, EchoStar ( SATS ) now has only $139 million of its debt securities coming due during 2024 and 2025, it said. The company also said it used funding available through a secured financing facility from TPG Angelo Gordon and selected co-investors to pay off around $2 billion of debt owed by a DISH subsidiary that had been set to come due this month.

Echostar ( SATS ) said it separately closed on a $5.2 billion offering of new 10.75% senior spectrum secured notes due 2029 along with the sale of $400 million of its common stock to fund general corporate purposes and the acquisition and retention of profitable customer accounts.

EchoStar ( SATS ) shares were slipping over 5% in recent trading on Tuesday morning.

Price: 24.81, Change: -1.32, Percent Change: -5.05