Dish Network 1998 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 1998 Dish Network annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 81

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81

ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
F–21
Mortgages and Other Notes Payable
Mortgages and other notes payable consists of the following (in thousands):
December 31,
1997 1998
8.25% note payable for satellite vendor financing for EchoStar I due in equal monthly
installments of $722, including interest, through February 2001............................. $ 24,073 $ 17,137
8.25% note payable for satellite vendor financing for EchoStar II due in equal
monthly installments of $562, including interest, through November 2001 .............. 22,489 17,416
8.25% note payable for satellite vendor financing for EchoStar III due in equal
monthly installments of $294, including interest, through October 2002.................. 13,812 12,183
8.25% note payable for satellite vendor financing for EchoStar IV due in equal
monthly installments of $264, including interest, through May 2003 ....................... –12,950
Mortgages and other unsecured notes payable due in installments through April 2009
with interest rates ranging from 8% to 10% ............................................................ 9,357 6,443
Total ........................................................................................................................ 69,731 66,129
Less current portion .................................................................................................. (17,885) (22,679)
Mortgages and other notes payable, net of current portion .......................................... $ 51,846 $ 43,450
Future maturities of EchoStar’s outstanding long-term debt, after consummation of the Tender Offers and
issuance of the Notes on January 25, 1999, are summarized as follows (in thousands):
Seven Year
Notes
Ten Year
Notes
Mortgages
and Other
Notes
Payable Total
Year Ending December 31,
1999 .................................... $ – $ – $ 22,679 $ 22,679
2000 .................................... – – 20,314 20,314
2001 .................................... – – 13,560 13,560
2002 .................................... – – 5,855 5,855
2003 .................................... ––1,675 1,675
Thereafter............................. 375,000 1,625,000 4,405 2,004,405
Total........................................ $ 375,000 $ 1,625,000 $ 68,488 $ 2,068,488
Satellite Vendor Financing
The purchase price for satellites is required to be paid in progress payments, some of which are non-contingent payments
that are deferred until after the respective satellites are in orbit (satellite vendor financing). EchoStar utilized $36 million, $28
million, $14 million and $13 million of satellite vendor financing for EchoStar I, EchoStar II, EchoStar III and EchoStar IV,
respectively. The satellite vendor financing with respect to EchoStar I and EchoStar II is secured by substantially all assets of Dish,
Ltd. and its subsidiaries (subject to certain restrictions) and a corporate guarantee of ECC. The satellite vendor financings for both
EchoStar III and EchoStar IV are secured by an ECC corporate guarantee.