Viasat amends revolver in anticipation of Inmarsat acquisition

By Wendy Van Sickle

Columbus, Ohio, Nov. 30 – Viasat Inc. entered on Nov. 23 into a fifth amendment to its credit agreement dated Nov. 26, 2013 with MUFG Union Bank, NA as administrative agent to provide for some changes to permit the consummation of the company’s acquisition of Inmarsat, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also provides additional covenant flexibility and greater flexibility to incur export credit agency financing.

The amendments will become effective upon closing of the acquisition.

Financial covenants include a maximum total leverage ratio and a minimum interest coverage ratio.

Bank of America, MUFG, JPMorgan Chase Bank, NA and SunTrust Robinson Humphrey are the lead arrangers and bookrunners.

Bank of America, JPMorgan and SunTrust Bank are the co-syndication agents.

Compass Bank, Credit Suisse AG, Cayman Islands Branch, Citizens Bank, NA and SunTrust Bank are the co-documentation agents.

Borrowings bear interest at the eurodollar rate plus a margin ranging from 125 basis points to 225 bps, and the commitment fee ranges from 17.5 bps to 35 bps, both depending on total leverage ratio.

Viasat is a Carlsbad, Calif.-based communications company. Inmarsat is a London-based provider of global mobile satellite communications services.

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