By Paul A. Harris
Portland, Ore., Sept. 21 – Viasat Inc. priced a $733.4 million issue of 7˝% senior notes due May 30, 2031 (Caa1/B/BB-) at 65 to yield 15.423% on Thursday, according to market sources.
The yield priced on top of final yield talk but around 140 basis points wide of initial guidance in the 14% area.
Bookrunners were J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc., Truist Securities Inc. and Citizens Capital Markets Inc.
The notes came in an effort by dealers to offload from their balance sheets $733.4 million of bridge loan debt related to Viasat’s acquisition of Inmarsat, which closed May 30.
That bridge became hung up on dealer balance sheets in late 2022 due to market conditions, sources say.
Proceeds plus cash on hand will be applied to the bridge loan.
Viasat is a Carlsbad, Calif.-based satellite telecommunications company.
| Issuer: | Viasat Inc.
|
| Amount: | $733.4 million
|
| Issue: | Senior notes
|
| Maturity: | May 20, 2031
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc., Truist Securities Inc. and Citizens Capital Markets Inc.
|
| Coupon: | 7˝%
|
| Price: | 65
|
| Yield: | 15.423%
|
| First call: | May 30, 2026 at 103.75
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody’s: Caa1
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Yield talk: | 15.423%
|
| Marketing: | Roadshows
|
|
|
© 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.
