DISH Network: Initial Impressions on the RSA
Anthony P. Canale, J.D.: Global Head of Research - Covenant Review
24 March 2026
- How the Restructuring Support Agreement reshapes DISH DBS capital structure and near term refinancing outcomes.
- What transaction milestones across execution effective and closing dates reveal about creditor protections.
- Why DISH Network Initial Impressions on the RSA matter for assessing deleveraging and credit support enhancements.
- How amended covenants and structural consolidation affect bondholder positioning and optionality.
- Where potential scenarios including out of court execution or prepackaged filing could influence recovery paths.
The Bottom Line™:
- On March 19, EchoStar filed an 8-K disclosing that EchoStar, DISH Network, DISH DBS Corporation, and certain of its subsidiaries entered into a Restructuring Support Agreement with an ad hoc group representing over 82% of holders of the outstanding DBS bonds.
- The RSA transactions are expected to significantly deleverage the DISH DBS credit.
- In this report, we provide our initial impressions on the transactions contemplated by the RSA, which are grouped into transactions that take place at the Execution Date, the Effective Date, and the AT&T Closing Date. We briefly summarize the various transactions that occur on each of these dates.
- The RSA transactions also include covenant amendments to the various DISH DBS bonds that would be implicated by a potential future business combination with DirecTV.
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