09:15 AM EDT, 09/30/2024 (MT Newswires) -- EchoStar ( SATS ) said Monday that it has agreed to sell its pay-TV business Dish DBS, which includes Sling TV, to DirecTV.

EchoStar ( SATS ) said DirecTV will acquire Dish DBS in exchange for the assumption of Dish DBS debt and certain other considerations, including the release of Dish Network's intercompany obligations to Dish DBS.

Dish DBS, as part of the deal, has launched exchange offers and consent solicitations for five series of Dish DBS notes valued at $9.75 billion.

The deal is slated to be completed in Q4 of next year.

EchoStar ( SATS ) also said Dish DBS has secured $2.5 billion in financing from TPG Angelo Gordon and certain co-investors to fully refinance Dish DBS' November 2024 debt maturity and provide interim liquidity.

In addition, EchoStar ( SATS ) said it has agreed to issue to Dish convertible notes holders $5.1 billion of new senior secured notes maturing in 2029 for cash.

EchoStar ( SATS ) said the new $5.1 billion financing will add "significant capital for the buildout of its Boost Mobile nationwide 5G Open RAN network" and will improve its debt maturity profile through the extension of debt maturities from 2025 and 2026 to 2029.

Shares of EchoStar ( SATS ) were up 1.5% in recent premarket activity.

Price: 28.24, Change: +0.20, Percent Change: +0.71