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Telesat Canada to launch $1.89 billion of term loans on Monday
By Sara Rosenberg
New York, March 15 - Telesat Canada set a lender call for 10:45 a.m. ET on Monday to launch roughly $1,886,000,000 of term loans, according to a market source.
J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.
The debt consists of a roughly $1,712,000,000 U.S. term loan B due March 2019 and a roughly $174 million Canadian term loan B due March 2019, the source said.
Price talk on the U.S. loan is Libor plus 275 basis points to 300 bps with a 0.75% Libor floor and an original issue discount of 993/4, and talk on the Canadian term loan is BA plus 325 bps to 350 bps with a 1% floor and a discount of 993/4, the source continued.
Both term loans have 101 soft call protection for one year.
Proceeds will be used to refinance existing U.S. and Canadian term loans due March 2019.
Expected loan ratings are Ba3/BB-.
Telesat is an Ottawa-based fixed satellite services operator.
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