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Speedcast International Ltd New Debt Refinancing to Improve
Operational Flexibility
Speedcast International Ltd New
Debt Refinancing to Improve Operational Flexibility
April 19, 2018
Speedcast International Limited announced its intention to
pursue the refinancing of its existing Bank Loans.
Speedcast International Limited intends, together with some
wholly-owned subsidiaries, including Speedcast Communications
Inc. and Speedcast Limited, to offer, subject to market and
other conditions, to refinance its existing Bank Loans with a
new 7-year US$425 million Senior Secured Credit Facility in the
US institutional Term Loan B market. In addition, it intends to
arrange a new 5-year US$100m Senior Secured Revolving Credit
Facility (together "the Facilities").
The existing Bank Loans include a 3-year US$425 million Senior
Secured Bank Loan and a US$20 million Senior Secured Revolving
Credit Facility.
The proposed Facilities will diversify Speedcast's funding
sources, extend its debt maturity profile and improve the
Company's operational flexibility for the future.
A meeting with prospective lenders will be held on 19 April in
New York. The lenders' presentation will be published on the ASX
website after market close on Thursday 19 April 2018, before the
meeting with prospective lenders occurs.
Should the Company choose to proceed with the refinancing, the
pricing of and drawdown of the proposed Facilities are targeted
for early May 2018.
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