FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

JPMorgan Chase Agents Amendment to Telesat Canada Credit Agreement

November 18, 2019, 09:00 AM
Filed Under: Industry News

Telesat Canada (“Telesat”) announced that it entered into discussions on November 15, 2019 to amend its existing credit agreement, dated March 28, 2012, among Telesat and Telesat LLC, as borrowers (the “Borrowers”), the guarantors party thereto, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the secured parties and the other financial institutions party thereto (such agreement, as amended prior to the date hereof, the “Existing Credit Agreement”). 

The proposed amendment would extend the maturity of the Term Loan B facility and the Revolving facility under the Existing Credit Agreement, as well as make certain other amendments.  As of September 30, 2019, the Borrowers had approximately US$2.308 billion outstanding under the Term Loan B facility and up to US$200 million available under the Revolving facility.  In connection with the amendment, Telesat expects to repay a portion of the Term Loan B borrowings.

Telesat also announced that, together with Telesat LLC, as co-issuer, it intends to issue US$500 million of senior secured notes due 2027 (the “Senior Secured Notes”) secured by a first priority lien on the collateral that secures the Existing Credit Agreement.  Telesat intends to use the net proceeds from the proposed offering of Senior Secured Notes to repay a portion of the Term Loan B borrowings outstanding under the Existing Credit Agreement and pay related fees and expenses.  The Senior Secured Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.  The Senior Secured Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act or other applicable securities laws.





Week's News



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.