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ViaSat gets tenders for $262.1 million 8 7/8% notes, amends indenture
By Toni Weeks
San Diego, Oct. 12 - ViaSat Inc. said it received tenders for about $262.1 million of its $275 million principal amount of outstanding 8 7/8% senior notes due 2016 by 5 p.m. ET on Oct. 11, the consent date for the company's tender offer.
All of the notes tendered by the consent date were accepted for purchase. ViaSat will pay $1,071.56 for each $1,000 principal amount of notes tendered by that date, including a consent premium of $10.00 for each $1,000 of notes.
Holders who tender their notes after the consent date will receive the tender offer payment of $1,061.56 per $1,000 of notes.
The tender offer will end at 11:59 p.m. ET on Oct. 25.
ViaSat is soliciting consents from holders to amend the notes to eliminate substantially all of the restrictive covenants, affirmative covenants and events of default. The company said it obtained consents from a majority in principal amount of the notes, and the supplemental indenture has been executed.
If not all notes are tendered by the expiration date, ViaSat will redeem any untendered notes, according to a company press release.
The company previously said the tender offer and consent solicitation are conditioned on ViaSat securing enough proceeds from one or more financings to fund the offer. The company priced $300 million of 6 7/8% notes due 2020 on Sept. 27.
Bank of America Merrill Lynch (888 292-0070 and collect 646 855-3401) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 859-8511 or brokers and banks 212 269-5550) is the information agent and tender agent.
ViaSat is a Carlsbad, Calif.-based provider of high-speed fixed and mobile broadband services, advanced satellite and wireless networks and secure networking systems, products and services.
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