Daily News: May 8, 2018

Credit Suisse Leads $525MM Term Loan for Speedcast

Speedcast International closed a seven-year $425 million senior secured term loan B facility and a five-year $100 million senior secured revolving facility. Credit Suisse served as left lead arranger on the transaction. Citibank, Credit Agricole, ING and Macquarie acted as joint lead arrangers and joint bookrunners.

Proceeds from the facilities will be used to refinance Speedcast’s existing bank loans, which include a three-year $425 million term loan and a $20 million revolver.

“The refinancing transaction builds and broadens Speedcast’s relationships with lenders, addressing a range of major financial institutions in the U.S. term loan B market. It also demonstrates our disciplined approach to funding through a proactive early refinancing that increases capital flexibly at attractive terms,” said Clive Cuthnell, CFO of Speedcast.

Speedcast provides remote communications and IT services.