ViaSat (VSAT) Prices $275M Senior Unsecured Notes Offering
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ViaSat Inc. (Nasdaq: VSAT) announced that it has priced its offering of $275 million in aggregate principal amount of 6.875% senior unsecured notes due 2020. The notes were offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended. The notes will have an interest rate of 6.875% per annum and will be issued at a price equal to 100% of their face value.
The closing of the sale of the notes, which is subject to customary conditions, is expected to occur on February 27, 2012. The notes will be guaranteed on a senior unsecured basis by certain of ViaSat's existing and future subsidiaries.
The net proceeds from the offering (which are estimated to be approximately $269.3 million, after deducting estimated discounts, commissions, and offering expenses) will be used to repay outstanding borrowings under ViaSat's credit facility and for general corporate purposes, which may include financing costs related to the purchase, launch and operation of additional satellites or satellite capacity, potential acquisitions, funding subscriber acquisition costs, working capital or capital expenditures.
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The closing of the sale of the notes, which is subject to customary conditions, is expected to occur on February 27, 2012. The notes will be guaranteed on a senior unsecured basis by certain of ViaSat's existing and future subsidiaries.
The net proceeds from the offering (which are estimated to be approximately $269.3 million, after deducting estimated discounts, commissions, and offering expenses) will be used to repay outstanding borrowings under ViaSat's credit facility and for general corporate purposes, which may include financing costs related to the purchase, launch and operation of additional satellites or satellite capacity, potential acquisitions, funding subscriber acquisition costs, working capital or capital expenditures.
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