EchoStar among investors in satellite
Bloomberg News
Published February 8, 2008 at 12:05 a.m.
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Douglas County-based EchoStar Corp. and the hedge fund Harbinger Capital Partners and some other investors are providing $300 million in financing to help TerreStar Corp. complete a satellite.
Virginia-based TerreStar, which plans to launch Terre Star-2 between December 2008 and February 2009, also will gain rights to some of EchoStar's and Harbinger's spectrum.
EchoStar and Harbinger each bought $50 million of convertible notes and will lend the company as much as $50 million. EchoStar, the equipment company separated last month from Dish Network Corp., also bought $50 million of other securities. Other shareholders purchased $50 million of notes.
The transaction is subject to shareholder and regulatory approval, TerreStar said.
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