Dish Network 1999 Annual Report Download - page 58

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ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
F–10
The major components of marketable investment securities and restricted cash and marketable investment
securities are as follow (in thousands):
Marketable Investment Securities
Restricted Cash and Marketable
Investment Securities
December 31, December 31,
1998 1999 1998 1999
Commercial paper...................................... $ 87,099 $ 121,802 $ 8,424 $ –
Corporate notes and bonds.......................... 84,520 205,930 54,360 –
Government bonds..................................... 45,934 21,144 14,517 –
Restricted cash........................................... – – – 3,000
Accrued interest......................................... – – 356 –
$ 217,553 $ 348,876 $ 77,657 $ 3,000
Marketable investment securities and restricted cash and marketable investment securities include debt
securities of $329 million with contractual maturities of one year or less, $16 million with contractual maturities
between one and five years and $3 million with contractual maturities greater than five years. Actual maturities may
differ from contractual maturities as a result of EchoStar’s ability to sell these securities prior to maturity.
Fair Value of Financial Instruments
Fair values for EchoStar’s 1994 Notes, 1996 Notes, 1997 Notes, Seven Year Notes, Ten Year Notes, Convertible Notes,
and Series B Preferred Stock are based on quoted market prices. The fair values of EchoStar’s mortgages and other notes payable
are estimated using discounted cash flow analyses. The interest rates assumed in such discounted cash flow analyses reflect interest
rates currently being offered for loans with similar terms to borrowers of similar credit quality.
The following table summarizes the book and fair values of EchoStar’s debt facilities and Series B Preferred Stock at
December 31, 1998 and 1999 (in thousands):
December 31, 1998
31, 1999
Book Value Book Value
1994 Notes ..................................................... $ 571,674 $ 636,480 $ 1,503 $ 1,503
1996 Notes ..................................................... 497,955 580,000 1,097 1,097
1997 Notes ..................................................... 375,000 431,250 15 15
Seven Year Notes............................................ ––375,000 377,813
Ten Year Notes............................................... ––1,625,000 1,637,188
Convertible Notes ........................................... ––1,000,000 1,227,500
Mortgages and other notes payable .................. 66,129 61,975 50,057 47,238
12 1/8% Series B Senior Redeemable
Exchangeable Preferred Stock ..................... 226,038 259,944 – –