New Issue: ViaSat prices $275 million 8.25-year notes at par to yield 6 7/8%

By Paul A. Harris

Portland, Ore., Feb. 22 - ViaSat, Inc. priced a $275 million issue of 8.25-year senior notes (B1/B+/) at par to yield 6 7/8% on Wednesday, according to an informed source.

The yield printed at the tight end of the 6 7/8% to 7% price talk.

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

Proceeds will be used to repay bank debt and for general corporate purposes, which may include financing costs related to the purchase, launch and operation of additional satellites or satellite capacity, potential acquisitions, funding subscriber acquisition costs, working capital or capital expenditures.

ViaSat is a Carlsbad, Calif.-based designer, producer and marketer of satellite and other wireless communication and networking systems for government and commercial customers.

Issuer:	ViaSat, Inc.
Amount:	$275 million
Maturity:	June 15, 2020
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC
Co-manager:	BBVA Securities
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	530 bps
Call features:	Make-whole call at Treasuries plus 50 bps until June 15, 2016, then callable at 103.438, 101.719, par on and after June 15, 2018
Equity clawback:	35% at 106.875 until June 15, 2015
Change-of-control put:	101%
Trade date:	Feb. 22
Settlement date:	Feb. 27
Ratings:	Moody's: B1
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6 7/8% to 7%
Marketing:	Quick to market

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