See Below For Loan Terms Note :- There are no covenants applicable to the US$600 million Loan Announcement 27/09/2018
TermDescription Term Loan Facility Facility SizeUS$600 million Term7 years (due 2025) Interest RateLIBOR plus 2.75% p.a. Amortisation of principal1% p.a. Early repaymentAt Speedcast’s option Financial covenant None
Revolving Credit FacilityFacility LimitUS$100 millionTerm5 years (due 2023) Interest RateLIBOR plus 2.50% p.a. (current rate subject to a grid which reduces when first lien net leverage2 is < 3.0x) Financial Covenant When RCF drawings are > 35% of the RCF Facility Limit, maximum first lien net leverage2 4.0x
Speedcast has entered into interest rate swap agreements in respect of 75% of the Existing Term Loan to fix the interest rate payable on the term loans for a period of five years. On completion of the Incremental Term Loan, Speedcast intends to enter into similar arrangements to proactively manage its interest rate risk. Credit Suisse acted as Sole Lead Arranger and Sole Bookrunner on the Incremental Term Loan.2
SDA Price at posting:
$1.81 Sentiment: Buy Disclosure: Held
