Telesat pricing $200 million tap of 6% notes due 2017 on Wednesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 24 - Telesat Canada and Telesat LLC are in the market on Wednesday with a $200 million add-on to their existing 6% senior notes due 2017 (existing ratings B3/B-), according to a market source.

An investor call took place at 10:15 a.m. ET on Wednesday.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

BMO Capital Markets, CIBC World Markets Corp., ING Financial Markets LLC, RBC Capital Markets LLC, TD Securities (USA) LLC and UBS Securities LLC are the co-managers.

The Rule 144A and Regulation S for life notes will be callable on May 15, 2014 at 103.

Proceeds will be used to refinance PSP notes and Loral notes (shareholder notes) and for general corporate purposes.

The original $700 million issue priced at par on April 30, 2012.

Telesat is an Ottawa-based fixed satellite services provider.

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