Viasat talks $500 million eight-year secured notes at 5¾% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 19 – Viasat, Inc. talked its $500 million offering of eight-year senior secured notes (B1/BB+) to yield in the 5¾% area, according to market sources.

The yield came inside of initial guidance in the 6% area, a trader said, adding that $250 million of reverse inquiry helped to propel the deal into the market.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

The Carlsbad, Calif.-based satellite communications company plans to use the proceeds to pay off its existing revolving credit facility and for general corporate purposes, which may include financing costs related to the purchase, launch and operation of satellites, potential acquisitions, joint ventures and strategic alliances, working capital or capital expenditures.

In addition to paying off its existing revolver, Viasat expects to reduce available commitments under the revolver to $700 million from $800 million.

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