Completion of 7 year US term loan refinancing
Completion of 7 year US term loan refinancing
Sydney, May 7, 2018 AEST (ABN Newswire) - Speedcast International Limited (ASX:SDA) (FRA:7SC), the world's most trusted provider of remote communication and IT services, today announced the pricing of its US$425 million Senior Secured Credit Facility (the "Term Loan") in the US institutional Term Loan B market with participation by key global financial institutions. The Term Loan has a term of 7 years and a coupon of LIBOR + 2.50%. In addition, Speedcast has arranged a new 5-year US$100 million Senior Secured Revolving Credit Facility.

Proceeds of the new facilities will be used to refinance Speedcast's existing bank loans, which include a 3-year US$425 million Senior Secured Bank Loan and a US$20 million Senior Secured Revolving Credit Facility. The new facilities will diversify Speedcast's funding sources, extend its debt maturity profile and improve the company's operational flexibility in the future.

Credit Suisse (Left Lead), Citi, Crédit Agricole, ING and Macquarie acted as Joint Lead Arrangers and Joint Bookrunners.

"This refinancing transaction builds and broadens Speedcast's relationships with lenders, accessing a range of major financial institutions in the US Term Loan B market. It also demonstrates our disciplined approach to funding through a proactive early refinancing that increases capital flexibility at attractive terms," said Clive Cuthell, Chief Financial Officer, Speedcast.

Key terms of the Term Loan agreement follow:

 
Term             Description  
Facility Size    US$425 million
Term             7 years
Coupon           LIBOR + 2.50%
Early repayment  At Speedcast's option
Use of Proceeds  Refinance existing bank loans


About Speedcast International Ltd

Speedcast InternationalSpeedcast International Ltd (ASX:SDA) is the largest provider of remote communications and IT services in the world. Speedcast's fully managed service is delivered via a leading global, multi-access-technology, multi-band and multi-orbit network of 70+ satellites and an interconnecting  global terrestrial network, bolstered by extensive on the ground local support from 40+ countries. This global "network of networks" allows customers to fully rely on the most robust, integrated infrastructure available in the market for their mission critical applications. Speedcast is uniquely positioned as a strategic business partner, tailoring communications, IT and digital solutions to meet unique customer needs and enable business transformation. Speedcast extends its managed services through differentiated technology offerings including cyber-security, crew welfare, content solutions, data & voice applications and network systems integration services. With a passionate customer focus and a strong safety culture, Speedcast serves more than 2,500 customers in over 140 countries in sectors such as Maritime, Energy, Mining, Enterprise, Media, Cruise, NGOs and Government. Learn more at Speedcast.

     


Contact

Public Relations and Marketing:

Toni Lee Rudnicki
Vice President, Global Marketing
Speedcast International Ltd
E: tonilee.rudnicki@speedcast.com
T: +1-832-668-2634

Investors:

Ian Baldwin
Chief Financial Officer
Speedcast International Ltd
E: Ian.Baldwin@speedcast.com
T: +61-2-9086-2785



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