We advised TPG Angelo Gordon on the $2.5 billion financing transactions 

Davis Polk advised TPG Angelo, Gordon & Co., L.P. on a series of financing transactions pursuant to which TPG Angelo Gordon, along with certain other financing sources, provided $2.5 billion of financing to DISH DBS Issuer, LLC. The transactions were comprised of (i) credit facilities consisting of $2.3 billion aggregate principal amount of secured first-lien term loans and (ii) $200 million of preferred equity interests. The term loans are secured by a first-priority lien on all of the borrower’s assets. 

The proceeds of the financing will be used to make a secured intercompany loan to DISH DBS Corp., which will use the proceeds to repay its 5.875% senior notes due 2024 at maturity and for general corporate purposes.

Concurrently with the financing, Echostar Corp., the parent of DISH DBS Corp., announced entry into a definitive agreement with DIRECTV for DIRECTV to acquire the DISH DBS video distribution business.

The Davis Polk restructuring team included partners Damian S. Schaible and Natasha Tsiouris, special counsel Donald S. Bernstein, counsel Stephen D. Piraino and associate Mariya Dekhtyar. Partners David J. Penna and associates Kendra L. Sandidge and Pablo Solorzano provided finance advice. Partner Stephen A. Byeff and associate Arisa Akashi Sin provided capital markets advice. Partner Frank J. Azzopardi and associate Lachlan J. Forrester provided intellectual property advice. Counsel Jacob S. Kleinman provided mergers and acquisitions advice. Partner Corey M. Goodman provided tax advice. Partner Arthur J. Burke provided antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

Copy link to share post