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ARTICLE · 12 APRIL 2012

March 2012 Space Business Review

Milbank
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A monthly round-up of space industry developments for the information of our clients and friends.

United StatesMedia, Telecoms, IT, Entertainment
Dara Panahy
Dara Panahy
Peter Nesgos
Peter Nesgos
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A monthly round-up of space industry developments for the information of our clients and friends.

Telesat Closes Refinancing Transaction

On March 28, Telesat Canada (Telesat) announced its execution of a credit agreement for up to $2.55b under several facilities. Proceeds from the facilities will be used to refinance Telesat's outstanding borrowings of roughly $2.1b, to cover transaction costs related to the credit agreement and to make certain payments to Telesat executives, employees and shareholders, such as Loral Space & Communications Inc. (Loral). Loral has announced a special dividend, using the funds from Telesat, of $13.60 per share for an aggregate dividend of up to $421m to holders of its voting and non-voting common stock.

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