Telesat Canada completes redemption of $454.14 million 11% notes

By Ashley Montgomery

Kansas City, Kan., June 14 - Telesat Holdings Inc. subsidiary Telesat Canada has completed the redemption of all of its $454,139,000 11% senior notes due Nov. 1, 2015, according to a news release.

The notes were redeemed at 105.5 plus accrued interest for a total redemption price of $485.1 million.

As previously reported, the company received tenders for $238.7 million, or 34.5%, of the notes in a tender offer that ended May 25 and called the remaining notes for redemption. The price paid in the tender offer was 106.

The company said it used proceeds from its offering of 6% senior notes due 2017 to fund the redemption.

Telesat is a fixed satellite services operator based in Ottawa.

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