Loral Skynet calls $126 million of 14% notes

By Susanna Moon

Chicago, June 5 - Loral Space & Communications Inc. announced that its subsidiary, Loral Skynet will retire all of its outstanding 14% senior secured cash or payment-in-kind notes due 2015, according to a company news release.

The redemption date is Sept. 5. The redemption price is 110% of the principal amount of the notes plus accrued and unpaid interest up to but excluding the redemption date.

The outstanding principal amount of the notes is $126 million.

Redemption of the notes is based on the note's indenture. Under the terms of the indenture, the redemption will occur unless there is an objection by holders of at least two-thirds of the principal amount of the notes within 20 business days after the redemption notice.

Loral Skynet is a global communications company based in Bedminster, N.J. and is a division of Space & Communications, a satellite communications company in New York.

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