EchoStar Communications Corporation Successfully Completes Debt Tender Offer For Exchange Notes
LITTLETON, Colo.--(BUSINESS WIRE)--Feb. 2, 1999--EchoStar Communications Corporation (the "Company") (NASDAQ: DISH, DISHP) announced today that it had successfully completed the previously announced cash tender offer to purchase all of its 12 1/8% Senior Exchange Notes (the "Exchange Notes").
The Company confirmed that over 99% of the outstanding aggregate principal amount of the Exchange Notes was tendered by the consent solicitation deadline.
EchoStar Communications Corp., includes three interrelated
business units:
o DISH Network™ is EchoStar's state-of-the-art DBS system that
offers customers over 300 channels of digital video and CD-quality
audio programming, fully MPEG-2/DVB compliant hardware, installation,
financing and leasing.
o EchoStar Technologies Corporation (ETC, formerly HTS™ -
Houston Tracker Systems, Inc.), designs, manufactures and distributes
DBS set-top boxes, antennas and other digital equipment for DISH
Network and various international customers that include ExpressVu
Canada and Telefonica's Via Digital system in Spain. ETC also provides
uplink-center design, construction oversight and project-integration
services for customers internationally.
o Satellite Services provides the delivery of video, audio and
data services to business television customers and other satellite
users. These services include satellite uplink, satellite transponder
space-usage and other services. Satellite Services also administers
Sky Vista, a direct broadcast satellite service offering up to 27
channels of popular digital satellite television programming to
viewers in Alaska, Hawaii, Puerto Rico and the U.S. territories in the
Caribbean.
DISH Network currently serves over 2 million customers. DISH
Network is a trademark of EchoStar Communications Corporation. HTS is
a trademark of Houston Tracker Systems, Inc. DISH Network is located
on the Internet at: www.dishnetwork.com
Certain matters discussed in this statement are "forward looking
statements" intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995.
These "forward looking statements" can generally be identified as
such because the context of the statement will include words such as
the Company "believes," "anticipates," "expects," or words of similar
import. Similarly, statements that describe the Company's future
plans, objectives or goals are forward-looking statements. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those currently anticipated. Such risks and uncertainties
include, but are not limited to: a total or partial loss of a
satellite due to operational failures, space debris or otherwise;
uncertainty as to the Company's future profitability; the Company's
ability to develop and implement operational and financial systems to
manage rapidly growing operations; an increase in competition from
cable television, Direct Broadcast Satellite ("DBS"), other satellite
system operators, and other providers of subscription television
services; the introduction of new technologies and competitors into
the subscription television business; a merger of existing DBS
competitors; the Company's ability to integrate and successfully
operate acquired businesses and the risks associated with such
businesses; the Company's ability to obtain financing on acceptable
terms to finance the Company's growth strategy and for the Company to
operate within the limitations imposed by financing arrangements;
uncertainty as to the future profitability of acquired businesses;
trends in the cable television, broadcast television and satellite
television industries; impediments to the retransmission of local or
distant broadcast network signals; a decrease in sales of digital
equipment and related services to international service providers; a
decrease in Dish Network subscriber growth; an increase in subscriber
acquisition costs; lower than expected demand for the Company's
delivery of local broadcast network signals; changes in relationships
with customers; changes in the regulatory environment, such as the
inability of the Company to retain necessary authorizations from the
Federal Communications Commission ("FCC") or a change in the
regulations governing the subscription television service industry;
the outcome of pending litigation and regulatory inquiries; an
unexpected business interruption due to the failure of third parties
to remediate Year 2000 issues; failure to consummate EchoStar's
pending acquisition with The News Corporation Limited and MCI
WorldCom, Inc. whereby the Company would issue equity securities in
exchange for two satellites that have not yet been completed or the
failure of such satellites to be successfully launched or to become
operational or a delay in such launch or operation; and the impact of
accounting policies required to be adopted. Other factors that could
materially affect such forward-looking statements can be found in
EchoStar's periodic reports filed with the Securities and Exchange
Commission. Shareholders, potential investors and other readers are
urged to consider these factors carefully in evaluating the
forward-looking statements. The forward-looking statements made herein
are only made as of the date of this statement and EchoStar undertakes
no obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances.
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CONTACT: EchoStar Communications Corporation, Littleton Judianne Atencio Director of Communications 303/723-2010 KEYWORD: COLORADO INDUSTRY KEYWORD: ENTERTAINMENT TELECOMMUNICATIONS COMED COMPUTERS/ELECTRONICS