California-based satellite operator Viasat is reportedly restructuring some of its debt obligations. Viasat now owns London’s Inmarsat, and Bloomberg reports that a group of banks, including JPMorgan Chase and Bank of America, are looking to offload about $1.35 billion of debt that was tied to the purchase of Inmarsat.

The banks are reporetedly marketing a roughly $617 million leveraged loan that matures in May 2030 to take out debt they were forced to use to fund the purchase earlier this year.

The banks are also trying to sell about $733 million of unsecured junk bonds maturing 2031 at a yield of 14 per cent and a steep discounted price of about 70 cents on the dollar, the people said according to Bloomberg.

Viasat confirmed that it was making a private placement of $733.4 million of Senior Notes.

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Categories: Articles, Business

Tags: Bloomberg, california, Viasat