Telesat US$2.63bn senior secured credit facilities (2016)
With the new notes, redeem the 2017 notes, repay the existing credit facilities and fund a shareholder distribution
Key terms
- Borrower or issuer
- Telesat
- Date
- 17 Nov 2016
- Type
- Bank facility
- Amount
- US$2.63bn
Recorded terms
- Structure
- Amended and restated credit agreement: US$2.43bn term loan B and a US$200m revolver (undrawn at closing)
- Lenders and arrangers
- JPMorgan Chase Bank, N.A., administrative agent and collateral agent; JP Morgan, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc., joint lead arrangers and bookrunners for the term loan B; CIBC, BMO Capital Markets, RBC Capital Markets and TD Securities, joint lead arrangers and bookrunners for the revolving facility
- Country
- Canada
Parties
- Telesat borrower or issuer
- Lenders: J.P. Morgan, Morgan Stanley, Goldman Sachs, Credit Suisse, RBC Capital Markets, TD Securities, BMO Capital Markets, CIBC
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 22 Dec 2016 | DigitalGlobe US$1,475m senior secured credit facilities (2016) | Bank facility | US$1.48bn |
| 18 Dec 2017 | ORBCOMM US$25m senior secured revolving credit facility | Bank facility | US$25m |
| 19 Dec 2018 | SES €400m multi-tranche Schuldschein loan | Bank facility | €400m |
| 26 Jun 2019 | SES €1.2bn syndicated revolving credit facility | Bank facility | €1.2bn |
| 4 Nov 2019 | Iridium US$1,450m credit facility | Bank facility | US$1.45bn |
More from Telesat
| Date | Financing | Type | Amount |
|---|---|---|---|
| 13 Sep 2024 | Telesat Lightspeed government loans (Canada and Quebec) | Government finance | C$2.54bn |
| 22 Nov 2019 | Telesat Canada 2019 refinancing | Bank facility | US$2.51bn |
| 17 Nov 2016 | Telesat US$500m 8.875% senior notes due 2024 | Bond | US$500m |
M&A and investment involving Telesat
| Date | Deal | Type | Value |
|---|---|---|---|
| 19 Nov 2021 | Telesat and Loral combination (Telesat Corporation) | M&A | Not disclosed |
Sources
- Telesat Canada: closing of its refinancing transactions (Form 6-K exhibit 99.1) sec.gov · 17 Nov 2016
About this record
Record ORB-2016-0006, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
