By Abigail W. Adams
Portland, Me., June 17 – Viasat Inc. priced $400 million eight-year senior notes at par to yield 6˝% (Caa1/B/BB-) in a Wednesday drive-by, according to a market source.
Pricing came on top of talk for a yield in the mid-6% area.
J.P. Morgan Securities LLC led the Rule 144A and Regulation S offering.
The notes are non-callable for three years.
Proceeds will be used to repay the outstanding balance under the company’s corporate credit facility and for general corporate purposes, which may include the launch and operation of satellites, potential acquisitions and strategic alliances and capital expenditures.
Viasat is a Carlsbad, Calif.-based satellite communications company.
| Issuer: | Viasat, Inc.
|
| Amount: | $400 million
|
| Maturity: | Eight years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6˝%
|
| Price: | Par
|
| Yield: | 6˝%
|
| Call protection: | Three years
|
| Trade date: | June 17
|
| Settlement date: | June 24
|
| Ratings: | Moody's: Caa1
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-6% area
|
| Marketing: | Quick-to-market
|
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