OTTAWA, Nov. 18, 2019 (GLOBE NEWSWIRE) — Telesat Canada (“Telesat”) in the present day introduced that it entered into discussions on November 15, 2019 to amend its current credit score settlement, dated March 28, 2012, amongst Telesat and Telesat LLC, as debtors (the “Debtors”), the guarantors occasion thereto, the lenders occasion thereto sometimes, JPMorgan Chase Financial institution, N.A., as administrative agent and collateral agent for the secured events and the opposite monetary establishments occasion thereto (such settlement, as amended previous to the date hereof, the “Present Credit score Settlement”). The proposed modification would lengthen the maturity of the Time period Mortgage B facility and the Revolving facility underneath the Present Credit score Settlement, in addition to make sure different amendments. As of September 30, 2019, the Debtors had roughly US$2.308 billion excellent underneath the Time period Mortgage B facility and as much as US$200 million accessible underneath the Revolving facility. In reference to the modification, Telesat expects to repay a portion of the Time period Mortgage B borrowings.
Telesat in the present day additionally introduced that, along with Telesat LLC, as co-issuer, it intends to challenge US$500 million of senior secured notes due 2027 (the “Senior Secured Notes”) secured by a primary precedence lien on the collateral that secures the Present Credit score Settlement. Telesat intends to make use of the online proceeds from the proposed providing of Senior Secured Notes to repay a portion of the Time period Mortgage B borrowings excellent underneath the Present Credit score Settlement and pay associated charges and bills. The Senior Secured Notes are being provided solely to certified institutional consumers in reliance on Rule 144A underneath the Securities Act of 1933, as amended (the “Securities Act”), and, outdoors america, solely to non-U.S. buyers pursuant to Regulation S underneath the Securities Act. The Senior Secured Notes won’t be registered underneath the Securities Act or any state securities legal guidelines and might not be provided or bought in america absent registration or an relevant exemption from the registration necessities of the Securities Act or different relevant securities legal guidelines.
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase any safety and shall not represent a suggestion, solicitation or sale in any jurisdiction during which such providing, solicitation or sale could be illegal. Any gives of the Senior Secured Notes will probably be made solely via a non-public providing memorandum. No assurance could be made that the Senior Secured Notes will probably be issued.
Ahead-Wanting Statements Protected Harbor
This information launch accommodates statements that aren’t primarily based on historic truth and are “forward-looking statements” inside the which means of the Personal Securities Litigation Reform Act of 1995. When used on this information launch, the phrases “intends”, “proposed”, and “will”, or different variations of those phrases or different related expressions are meant to establish forward-looking statements and knowledge. Precise outcomes might differ materially from the expectations expressed or implied within the forward-looking statements because of identified and unknown dangers and uncertainties. Detailed details about among the identified dangers and uncertainties is included within the “Danger Components” part of Telesat Canada’s Annual Report on Kind 20-F for the fiscal 12 months ended December 31, 2018 which could be obtained on the SEC web site at: http://pdf.secdatabase.com/2125/0001615774-19-003425.pdf. Identified dangers and uncertainties embody however should not restricted to: dangers related to working satellites and offering satellite tv for pc providers, together with satellite tv for pc building or launch delays, launch failures, in-orbit failures or impaired satellite tv for pc efficiency, the flexibility to efficiently deploy a sophisticated international LEO satellite tv for pc constellation, the provision of presidency funding for the LEO satellite tv for pc constellation, volatility in alternate charges and dangers related to home and overseas authorities regulation. The foregoing record of necessary components shouldn’t be exhaustive. The data contained on this information launch displays Telesat’s beliefs, assumptions, intentions, plans and expectations as of the date of this information launch. Besides as required by regulation, Telesat disclaims any obligation or endeavor to replace or revise the knowledge herein.
Telesat is a number one international satellite tv for pc operator, offering dependable and safe satellite-delivered communications options worldwide to broadcast, telecom, company and authorities clients. Headquartered in Ottawa, Canada, with workplaces and services all over the world, the corporate’s state-of-the-art fleet consists of 16 GEO satellites, the Canadian payload on ViaSat-1 and one Part 1 LEO satellite tv for pc which is the beginning of Telesat’s deliberate superior international LEO satellite tv for pc constellation that may supply ultra-low latency, extraordinarily excessive throughput, reasonably priced broadband providers. Telesat can be a number one technical advisor offering excessive worth experience and help to satellite tv for pc operators, insurers and different trade members on a world foundation. Privately held, Telesat’s principal shareholders are Canada’s Public Sector Pension Funding Board and Loral Area & Communications Inc. (NASDAQ: LORL). www.telesat.com
For additional data:
Michael Bolitho, Telesat, +1 (613) 748-8700 ext. 2336; email@example.com.