(MENAFN- ABN Newswire) New arrangement will diversify Speedcast's funding sources and improve operational flexibility
New debt refinancing to improve operational flexibility London, April 19, 2018 AEST (ABN Newswire) - Speedcast International Limited ( <>
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.
About Speedcast International Ltd
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