Completion of 7 year US term loan refinancing
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 International Ltd (ASX:SDA) is the world's largest remote communications and IT services provider. The company delivers critical communications solutions through its multi-access technology, multi-band and multi-orbit network of 80+ satellites and an interconnecting global terrestrial network, bolstered by extensive local support from 40+ countries. Speedcast is uniquely positioned as a strategic partner, tailoring communications, IT and digital solutions to meet customer needs and enable business transformation. The company provides managed information services with differentiated technology offerings, including cybersecurity, crew welfare, content solutions, data and voice applications, IoT solutions and network systems integration services. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries in sectors such as Maritime, Energy, Mining, Enterprise, Media, Cruise, Humanitarian and Government. Learn more at Speedcast.
Speedcast International Ltd