Inmarsat US$2.45bn take-private bank facilities (2019)
Fund the take-private of Inmarsat by the Apax, Warburg Pincus, CPPIB and OTPP consortium, alongside the 6.75% senior secured notes
Key terms
- Borrower or issuer
- Inmarsat (Connect Bidco)
- Date
- 12 Dec 2019
- Type
- Bank facility
- Amount
- US$2.45bn
- Maturity
- 2024-12 / 2026-12
Recorded terms
- Structure
- Credit agreement of 12 December 2019 for Connect Bidco: US$1.75bn term loan B due December 2026 and US$700m revolving credit facility due December 2024
- Lenders and arrangers
- Barclays Bank plc, administrative and collateral agent
- Country
- United Kingdom
Parties
- Inmarsat (Connect Bidco) borrower or issuer
- Lenders: Barclays
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 26 Nov 2019 | Globalstar US$199m second lien term loan | Bank facility | US$199m |
| 22 Nov 2019 | Telesat Canada 2019 refinancing | Bank facility | US$2.51bn |
| 4 Nov 2019 | Iridium US$1,450m credit facility | Bank facility | US$1.45bn |
| 7 Feb 2020 | Iridium US$200m incremental term loan (2020) | Bank facility | US$200m |
| 26 Jun 2019 | SES €1.2bn syndicated revolving credit facility | Bank facility | €1.2bn |
More from Inmarsat (Connect Bidco)
| Date | Financing | Type | Amount |
|---|---|---|---|
| 28 Mar 2024 | Inmarsat US$1.85bn term loan and revolver refinancing (2024) | Bank facility | US$1.85bn |
| Oct 2019 | Inmarsat US$2.08bn 6.75% senior secured notes due 2026 (take-private financing) | Bond | US$2.08bn |
M&A and investment involving Inmarsat (Connect Bidco)
| Date | Deal | Type | Value |
|---|---|---|---|
| 30 May 2023 | Viasat acquisition of Inmarsat | M&A | US$7.3bn |
| Dec 2019 | Connect Bidco take-private of Inmarsat | M&A | Not disclosed |
Sources
About this record
Record ORB-2019-0013, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
