CARLSBAD, Calif., March 19, 2019 /PRNewswire/ -- Viasat, Inc.
(Nasdaq: VSAT) intends to commence an offering of $500 million in aggregate principal amount of
senior secured notes due 2027, subject to market and other
conditions. The notes will be 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 "Securities
Act"). The notes will bear interest at a rate to be determined by
negotiations between Viasat and the initial purchasers. The notes
will be secured on a first-priority basis, equally and ratably with
the indebtedness under Viasat's existing revolving credit facility,
by liens on substantially all of Viasat's assets, and will be
guaranteed on a senior secured basis by any and all of Viasat's
domestic restricted subsidiaries that in the future guarantee the
revolving credit facility.
Viasat intends to use the net proceeds from the offering to
repay all of its outstanding borrowings under its existing
revolving credit facility and for general corporate purposes, which
may include financing costs related to the purchase, launch and
operation of satellites, potential acquisitions, joint ventures and
strategic alliances, working capital or capital expenditures. In
addition to the repayment of outstanding borrowings under its
existing revolving credit facility, Viasat expects to reduce
available commitments under its revolving credit facility from
$800.0 million to $700.0 million.
The notes have not been registered under the Securities Act or
any state securities laws and may not be offered or sold in
the United States without
registration or an applicable exemption from the registration
requirements of the Securities Act.
This press release is neither an offer to sell nor the
solicitation of an offer to buy the notes or any other securities,
and no offer, solicitation or sale will be made in any jurisdiction
in which, or to any persons to whom, such an offer, solicitation or
sale is unlawful. Any offers of the notes will be made only by
means of a private offering memorandum. This press release is being
issued pursuant to and in accordance with Rule 135c under the
Securities Act.
Safe Harbor Statement
This press release contains forward-looking statements that are
subject to the safe harbors created under the Securities Act of
1933 and the Securities Exchange Act of 1934. Forward-looking
statements include, among others, statements regarding the proposed
offering, the use of proceeds therefrom and the reduction of
available commitments under the revolving credit facility in
connection therewith, and are generally identified with words such
as "believe," "could," "expect," "intend," "may," "plan," "will"
and similar expressions. Such statements reflect management's
current expectations and judgment as of the date of this press
release. Factors that could affect Viasat's forward-looking
statements include, among other things, risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions related to the offering. In addition, please
refer to the risk factors contained in Viasat's SEC filings
available at www.sec.gov, including Viasat's most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
Viasat undertakes no obligation to update or revise any
forward-looking statements for any reason.
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SOURCE Viasat, Inc.