California-based satellite operator Viasat has announced that certain subsidiaries of the company intend raising $1.25 billion (€1.13bn) in Senior Secured Notes.

The cash is being raised by Connect Finco SARL and Connect U.S. Finco LLC via Connect Bidco Limited (a subsidiary of Inmarsat). Viasat owns London-based Inmarsat.

Most of the cash raised together with cash on hand, will be used to redeem a portion of the Issuers’ outstanding 6.75 per cent Senior Secured Notes due 2026 (the “Inmarsat 2026 Notes”) and to pay related fees and expenses.

Viasat is a US-based satellite communications company founded in 1986 by Mark Dankberg, who remains as Chairman and CEO.

Viasat bought Inmarsat in November 2021 for $7.3 billion made up of $850 million in cash, plus 46 million Viasat shares and the assumption of $3.4 billion of Inmarsat debt. The purchase was wrapped in May 2023.

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