Dish Network 1999 Annual Report Download - page 66

ECHOSTAR COMMUNICATIONS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – Continued
F–18
will be subject to redemption, at the option of the Company, in whole or in part, at redemption prices decreasing from
102.786% during the year commencing January 1, 2003 to 100% on or after January 1, 2007, together with accrued and
unpaid interest thereon to the redemption date.
The Convertible Notes, unless previously redeemed, are convertible at the option of the holder any time after
90 days following the date of their original issuance and prior to maturity into shares of our class A common stock at a
conversion price of $90.88 per share.
The indenture related to the Convertible Notes (the “Convertible Notes Indenture”) contain certain
restrictive covenants that do not impose material limitations on EchoStar.
In the event of a change of control, as defined in the Convertible Notes Indenture, EchoStar will be
required to make an offer to repurchase all or any part of the holder’s Convertible Notes at a purchase price equal to
101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of
repurchase.
Mortgages and Other Notes Payable
Mortgages and other notes payable consists of the following (in thousands):
December 31,
1998 1999
8.25% note payable for satellite vendor financing for EchoStar I due in equal monthly
installments of $722, including interest, through February 2001............................. $ 17,137 $ 9,606
8.25% note payable for satellite vendor financing for EchoStar II due in equal monthly
installments of $562, including interest, through November 2001............................ 17,416 11,909
8.25% note payable for satellite vendor financing for EchoStar III due in equal
monthly installments of $294, including interest, through October 2002.................. 12,183 8,645
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 9,409
Mortgages and other unsecured notes payable due in installments through November
2009 with interest rates ranging from 4% to 10%.................................................... 6,443 10,488
Total......................................................................................................................... 66,129 50,057
Less current portion .................................................................................................. (22,679) (22,067)
Mortgages and other notes payable, net of current portion .......................................... $ 43,450 $ 27,990
Future maturities of EchoStar’s outstanding long-term debt are summarized as follows (in thousands):
Seven Year
Notes
Ten Year
Notes
Convertible
Notes
Residual
Notes,
Mortgages and
Other Notes
Payable Total
Year Ending December 31,
2000..................................... $ – $ – $ – $ 22,067 $ 22,067
2001..................................... – – – 14,826 14,826
2002..................................... – – – 7,131 7,131
2003..................................... – – – 1,960 1,960
2004..................................... – – – 3,308 3,308
Thereafter............................. 375,000 1,625,000 1,000,000 3,380 3,003,380
Total........................................ $ 375,000 $ 1,625,000 $ 1,000,000 $ 52,672 $ 3,052,672