By Paul A. Harris
Portland, Ore., Nov. 22 – Telesat Canada, along with Telesat LLC, priced a downsized $400 million issue of 7.5-year senior secured notes (Ba3/BB-) at par to yield 4 7/8% on Friday, according to market sources.
The yield printed in the middle of the 4¾% to 5% yield talk. Initial guidance was in the 5% area.
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC were the joint bookrunners.
The Ottawa-based satellite communications company plans to use the proceeds to pay down its term loan B.
Issuer: | Telesat Canada and Telesat LLC
|
Amount: | $400 million, decreased from $500 million
|
Maturity: | June 1, 2027
|
Securities: | Senior secured notes
|
Bookrunners: | J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
|
Coupon: | 4 7/8%
|
Price: | Par
|
Yield: | 4 7/8%
|
Spread: | 318 bps
|
Call protection: | Three years
|
Trade date: | Nov. 22
|
Settlement date: | Dec. 6
|
Ratings: | Moody's: Ba3
|
| S&P: BB-
|
Distribution: | Rule 144A and Regulation S
|
Price talk: | 4¾% to 5%
|
Marketing: | Roadshow
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.