BUZZ-EchoStar jumps after making interest payments, reveals Trump encouraged co, FCC to reach deal

Reuters

Jun 28

BUZZ-EchoStar jumps after making interest payments, reveals Trump encouraged co, FCC to reach deal

** EchoStar's SATS.O shares jump 14.1% to $29.05, highest since early Mar, after telecom services firm said it would make scheduled interest payments amid ongoing Federal Communications Commission inquiry

** According to SEC filing early Fri, SATS said the payments are being made today, within the applicable 30-day grace periods before triggering an event of default

** SATS also revealed its chairman, Charlie Ergen, met with FCC Chairman Brendan Carr on Jun 11 and that President Donald Trump subsequently encouraged them to "reach an amicable resolution" on co's wireless spectrum licenses

** On Jun 16, SATS shares soared 50% after Bloomberg reported that Trump urged Ergen and Carr to reach a deal

** The Dish Network pay-TV and Boost Mobile wireless service owner had previously disclosed suspending roughly $500 mln in interest payments, pointing to uncertainty surrounding FCC review on co's compliance with certain federal obligations to provide 5G service in the U.S.

** However, also in today's filing, SATS said it has elected not to make about $115 mln of cash interest payments due on Jul 1 in light of continued uncertainty

** "All of the Company’s strategic options remain under consideration as it continues to explore potential resolution pathways," per the filing

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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