Telesat Canada marketing $500 million eight-year secured notes; initial talk 5% area

By Paul A. Harris

Portland, Ore., Nov. 18 – Telesat Canada plans to price a $500 million offering of eight-year senior secured notes in a quick-to-market sale on Friday, according to market sources.

Initial guidance has the deal coming to yield in the 5% area, a trader said.

J.P. Morgan Securities LLC is leading the sale.

The Rule 144A and Regulation S notes come with three years of call protection.

The co-issuer will be Telesat LLC.

The Ottawa-based satellite communications company plans to use the proceeds to pay down its term loan B.

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