Telesat Canada eyes redeeming 6% notes via new notes, credit facility

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – Telesat Canada plans to redeem its $900 million of 6% senior notes due May 15, 2017 with proceeds of a $750 million offering of eight-year notes and a new $2.38 billion credit facility, according to a press release.

Proceeds are also expected to be used to repay all the company’s borrowings outstanding under its existing credit facilities, pay related fees expenses and fund a cash distribution to its shareholders.

Telesat is an Ottawa-based fixed satellite services operator.

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