8-K
filed March 28, 2024, 7:59 PM ET
ticker VSAT
CIK 0000797721
debt
confidence high
sentiment neutral
materiality 0.65
VIASAT INC (VSAT): debt financing — Viasat subsidiary refinances $1.75B term loan, extends maturities through 2029
VIASAT INC
- New $1.3B term loan matures Sep 2029; fully drawn, proceeds repaid ~$1.384B of existing 2026 TLB.
- New $550M revolver (undrawn) matures Mar 2027, replacing $700M revolver due Dec 2024.
- Remaining $300M of 2026 TLB has $0 quarterly amortization; final payment due Dec 2026.
- New term loan margin: SOFR + 4.50% (base rate + 3.50%); prior TLB margin unchanged at SOFR + 3.50%.
- Covenants on revolver only: total net leverage ratio and interest coverage ratio apply.
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 amended revolving credit of $550 million with Barclays Bank plc, Bank of America, N.A. at SOFR plus 2.50% to 3.25% per annum for base rate loans and 2.50% to 3.25% per an maturing March 2027.
- Instrument
- revolving credit
- Principal
- $550 million
- Counterparty
- Barclays Bank plc, Bank of America, N.A.
- Rate
- SOFR plus 2.50% to 3.25% per annum for base rate loans and 2.50% to 3.25% per an
- Maturity
- March 2027
- Event
- amendment
Exact text from the filing
replaced with a new $550 million (undrawn) revolving credit facility that matures in March 2027
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
VIASAT INC amended term loan of $300 million at 2.50% per annum for base rate loans and 3.50% per annum for SOFR loans maturing December 2026.
- Instrument
- term loan
- Principal
- $300 million
- Rate
- 2.50% per annum for base rate loans and 3.50% per annum for SOFR loans
- Maturity
- December 2026
- Event
- amendment
Exact text from the filing
$300 million in principal amount of term loan borrowings remaining outstanding under the 2026 TLB Facility
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
VIASAT INC incurred term loan of $1.3 billion with Barclays Bank plc, Bank of America, N.A. at SOFR plus 3.50% per annum for base rate loans and 4.50% per annum for SOFR loans maturing September 2029.
- Instrument
- term loan
- Principal
- $1.3 billion
- Counterparty
- Barclays Bank plc, Bank of America, N.A.
- Rate
- SOFR plus 3.50% per annum for base rate loans and 4.50% per annum for SOFR loans
- Maturity
- September 2029
- Event
- incurrence
Exact text from the filing
a new $1.3 billion term loan facility that was fully drawn at closing and matures in September 2029
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
VIASAT INC amended Refinancing Amendment with Barclays Bank plc, Bank of America, N.A., and the lenders and issuing banks party thereto (effective 2024-03-28).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Barclays Bank plc, Bank of America, N.A., and the lenders and issuing banks party thereto
- Effective
- 2024-03-28
Exact text from the filing
On March 28, 2024, Connect Midco Limited (“Holdings”), Connect Bidco Limited (“Bidco”), Connect Finco SARL (“Lux Finco”), Connect U.S. Finco LLC (“US Finco”) and certain other subsidiary loan parties (collectively, with Holdings, Bidco, Lux Finco and US Finco, “Inmarsat,” and all indirect wholly owned subsidiaries of Viasat, Inc. (“Viasat”)) entered into Amendment No. 4 to Credit Agreement with Barclays Bank plc, as existing administrative agent and collateral agent, Bank of America, N.A., as successor administrative agent and collateral agent, and the lenders and issuing banks party thereto (the “Refinancing Amendment”) to amend the existing Credit Agreement
View on SEC.gov
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