ViaSat ups the size of its revolver

Satellite broadband specialist ViaSat has secured an amendment to its revolving credit facility increasing its size by US$50m and extending the maturity by four years.
The modified facility has been enlarged to US$325m and will now mature on 25 January…

Satellite broadband specialist ViaSat has secured an amendment to its revolving credit facility increasing its size by US$50m and extending the maturity by four years.

The modified facility has been enlarged to US$325m and will now mature on 25 January 2016 rather than 1 July 2012.

ViaSat also secured a decrease in both the commitment fee and the applicable margin for Eurodollar and base rate loans under the revolver.

Commenting on the transaction, ViaSat’s chief financial officer Ron Wangerin said: “There is no specific reason, but it was the right thing to do for our shareholders. The credit/market conditions have improved and we were able to extend the length, lower pricing, and increase the size to give us more flexibility in the future should we need it.” The lending group of banks comprises Bank of America (syndication agent), Union Bank (administrative agent), JPMorgan Chase, Wells Fargo, National Association, Compass Bank, Credit Suisse, Bank of the West, Comerica Bank and California Bank & Trust. Merrill Lynch, Pierce, Fenner & Smith and Union Bank were the joint lead arrangers and book runners for the transaction.

This is the seventh amendment to the loan which was originally secured in 2009 and is secured against substantially all of ViaSat’s assets.