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Hughes bonds drop following addition of EchoStar entity as secured party to existing security agreement

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Hughes bonds drop following addition of EchoStar entity as secured party to existing security agreement

Swapnil Sawant and Vladyslav Deputat3 Mar 2026 | US | 2 minute read

Quotes for Hughes Network Systems’ bonds have fallen following disclosure on 2 March that an EchoStar subsidiary was recently added as an additional secured creditor under a security agreement that governs the security interest for the Hughes SSNs.

The 5.25% SSNs due 2026 are currently indicated at 91.5, down from 95.5 on 27 February, as per ICE data. In the same period, quotes for the 6.625% SUNs due 2026 went to 82 from 91.

The disclosure, which was filed with EchoStar’s Q4 25 earnings, refers to a certain financing agreement dated 13 February 2026 between Hughes, certain guarantors and EchoStar XXIV LLC.

While the exact details of the financing agreement remain undisclosed, this new addition of a secured creditor to Hughes could potentially have weakened the position of current creditors.

EchoStar XXIV holds the Jupiter 3 satellite launched July 2023 and Hughes has an operating lease agreement with Echostar XXIV, expiring in December 2030, under which it leases capacity Jupiter 3 capacity for an annual payment of $190m.

During FY 2025, EchoStar had purchased approximately $123m of the HSSC 5.25% SSNs due 2026 in open market trades, holding a sizeable amount of the $750m outstanding.

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26 Oct 2026

| US

Hughes bonds drop following addition of EchoStar entity as secured party to existing security agreement

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