8-K
filed June 2, 2023, 7:59 PM ET
ticker VSAT
CIK 0000797721
M&A
confidence high
sentiment positive
materiality 0.85
VIASAT INC (VSAT): M&A transaction — Viasat completes acquisition of Inmarsat for $551M cash and 46.4M shares
VIASAT INC
- Acquisition closed with $551M cash (adjusted from $850M after Inmarsat special dividend) and 46.36M VSAT shares (~37.6% fully diluted).
- Viasat drew $1.35B in financing: $617M secured term loan (due 2030) and $733M unsecured bridge loan (due 2024, extendable).
- Board expanded to 10 directors; Inmarsat ex-Chairman Andrew Sukawaty and ex-CEO Rajeev Suri appointed.
- Authorized common shares doubled from 100M to 200M via charter amendment to issue stock consideration.
- Combined company led by Mark Dankberg (CEO) and Guru Gowrappan (President); London designated international HQ.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
VIASAT INC incurred term loan of $616.7 million with Bank of America, N.A. at forward-looking SOFR term rate administered by CME for the applicable interest p maturing May 2030.
- Instrument
- term loan
- Principal
- $616.7 million
- Counterparty
- Bank of America, N.A.
- Rate
- forward-looking SOFR term rate administered by CME for the applicable interest p
- Maturity
- May 2030
- Event
- incurrence
Exact text from the filing
On May 30, 2023, Viasat entered into a Credit Agreement by and among Viasat (as borrower), Bank of America, N.A. (as administrative agent and collateral agent) and the other lenders party thereto (the “ 2023 Term Loan Facility ”), providing for a $616.7 million term loan facility, which was fully drawn at closing and matures in May 2030.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
VIASAT INC incurred loan of $733.4 million with JPMorgan Chase Bank, N.A. at forward-looking SOFR term rate administered by CME for the applicable interest p maturing May 2024 or, if extended, May 2031.
- Instrument
- loan
- Principal
- $733.4 million
- Counterparty
- JPMorgan Chase Bank, N.A.
- Rate
- forward-looking SOFR term rate administered by CME for the applicable interest p
- Maturity
- May 2024 or, if extended, May 2031
- Event
- incurrence
Exact text from the filing
On May 30, 2023, Viasat entered into a Bridge Credit Agreement by and among Viasat (as borrower), JPMorgan Chase Bank, N.A. (as administrative agent) and the other lenders party thereto (the “ Bridge Facility ”), providing for a $733.4 million unsecured bridge loan facility, which was fully drawn at closing and matures in May 2024 or, if extended, May 2031.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Rajeev Suri was appointed as Director at VIASAT INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
Andrew Sukawaty and Rajeev Suri were appointed (as the Investor Sellers’ designees) to fill the vacancies created by the new directorships.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew Sukawaty was appointed as Director at VIASAT INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
Andrew Sukawaty and Rajeev Suri were appointed (as the Investor Sellers’ designees) to fill the vacancies created by the new directorships.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
VIASAT INC: Increased authorized common stock from 100,000,000 to 200,000,000 shares (effective 2023-05-26).
- Change
- charter amendment
- Effective
- 2023-05-26
Exact text from the filing
the Second Amended and Restated Certificate of Incorporation of Viasat (the “ Charter ”) was amended by that certain Certificate of Amendment to the Charter (the “ Certificate of Amendment ”) to increase the number of shares of Common Stock authorized for issuance from 100,000,000 to 200,000,000.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
VIASAT INC completed an acquisition involving the shareholders of Inmarsat for cash consideration equal to $550.7 million, subject to adjustments, and (ii) approximately 46.36 million unregistered shares of common stock (closed 2023-05-30).
- Action
- acquisition
- Counterparty
- the shareholders of Inmarsat
- Consideration
- cash consideration equal to $550.7 million, subject to adjustments, and (ii) approximately 46.36 million unregistered shares of common stock
- Closing
- 2023-05-30
Exact text from the filing
Agreement ”), by and among Viasat, the shareholders of Inmarsat and the other parties thereto (collectively, the “ Sellers ”) in exchange for (i) cash consideration equal to $550.7 million, subject to adjustments, and (ii) approximately 46.36 million unregistered shares of common stock, par value $0.0001 per share, of Viasat (“ Common Stock ”), upon the terms and
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.