Telesat to Refinance Distressed Debt Amid Space Race Versus Musk's Starlink [BNN Bloomberg (Canada)]
Telesat Corporation (TSAT)
Company Research
Source: BNN Bloomberg
“We will need to go back to the market and refinance,” Dan Goldberg said in an interview. “It's something that we're going to focus on and it's something that we want to get done.” Telesat has about $1.7 billion in debt maturing in December 2026 across a floating-rate term loan and senior secured notes as of Sept. 30, according to a filing this month. Telesat creditors holding more than 75% of the term loan and about 35% of its secured notes sought talks about how the company will deal with the debt, Bloomberg reported in July. The group formed out of concern over Telesat's plans to spend billions on new satellites that won't generate cash for years and are held in an unrestricted subsidiary, which could put it out of reach of existing creditors. Telesat's $387 million of 5.625% first lien bonds due 2026 were quoted Monday at around 51 cents on the dollar, according to Bloomberg indicative prices. An unsecured bond maturing in 2027 with $221 million outstanding was quoted last
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News
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- Telesat and MDA Space Complete Key Milestone for Telesat Lightspeed Constellation [Canadian Business Journal (Canada)]Canadian Business Journal
- Telesat and MDA Space Complete Key Milestone for Telesat Lightspeed Constellation [Yahoo! Finance]Yahoo! Finance
- Telesat and MDA Space Complete Key Milestone for Telesat Lightspeed ConstellationGlobeNewswire
TSAT
Sec Filings
- 12/18/24 - Form SCHEDULE
- 11/14/24 - Form 6-K
- 11/14/24 - Form 6-K
- TSAT's page on the SEC website