Bankers purchase EchoStar shares.(EchoStar Communications Corp. shares purchased by Donaldson, Lufkin & Jenrette Inc., BT Alex. Brown Inc., and Unterberg Harris)(Brief Article)

Broadcasting & Cable, December, 1997

EchoStar Communications Corp. says that Donaldson, Lufkin & Jenrette, BT Alex. Brown and Unterberg Harris have exercised their overallotment option to purchase an additional 294,787 EchoStar shares. The three investment banking firms were underwriters of EchoStar's Oct. 30 offering of 3.1 million Class A shares.

The overallotment shares went for $19.50 each, the same price as the Oct. 30 public offering, bringing the net proceeds to EchoStar from the public offering and overallotment sales to $63.3 million. EchoStar plans to use the proceeds primarily to grow its subscriber base. The DBS company originally had intended to sell 5 million shares for $23 each, but market conditions prompted Echostar to scale back the size and price of the offering.