Viasat plans $1.25 billion senior secured notes placement

On September 9, 2024, Viasat, Inc. announced plans to initiate a private placement of $1.25 billion in Senior Secured Notes due in 2029. The offering will be conducted by its wholly-owned indirect subsidiaries, Connect Finco SARL and Connect U.S. Finco LLC, targeting qualified institutional buyers in the U.S. and international markets. The notes will be secured by assets that also back existing senior secured credit facilities, ensuring a first-lien position. The proceeds from this offering are intended to be used to redeem a portion of the outstanding 6.750% Senior Secured Notes due 2026, known as the Inmarsat 2026 Notes, along with covering related fees and expenses. However, it is important to note that this announcement does not serve as a notice of redemption for the Inmarsat 2026 Notes. The notes will not be registered under the Securities Act or any state securities laws, meaning they cannot be offered or sold in the U.S. without proper registration or an exemption. This private placement is being conducted in accordance with Rule 144A and Regulation S under the Securities Act, emphasizing the targeted nature of the offering. Viasat's announcement includes forward-looking statements regarding the offering and its intended use of proceeds, which are subject to market conditions and customary closing conditions. Investors are advised to consider the risks associated with such forward-looking statements and to review Viasat's SEC filings for further information.