Viasat starts roadshow for $733.4 million notes to replace Inmarsat acquisition bridge loan

By Paul A. Harris

Portland, Ore., Sept. 13 – Viasat Inc. began a full roadshow on Wednesday for a $733.4 million offering of senior notes due May 30, 2031 (Caa1/B/BB-), according to market sources.

The launch represents an effort by dealers to offload from their balance sheets $733.4 million of bridge loan debt related to Viasat’s acquisition of Inmarsat, which closed May 30.

That bridge became hung up on dealer balance sheets in late 2022 due to market conditions, sources say.

Initial guidance has the notes coming with a 7½% coupon at a deep discount to yield 14%.

The Rule 144A and Regulation S notes become subject to an initial call on May 30, 2026 at par plus 50% of the coupon.

J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC, MUFG Securities Americas Inc., Truist Securities Inc. and Citizens Capital Markets Inc. are the joint bookrunners.

Proceeds plus cash on hand will be applied to the bridge loan.

Viasat is a Carlsbad, Calif.-based satellite telecommunications company.

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