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Speedcast Announces Successful Closing Of New $350 Million Debt Financing

PRIVATEFeb 28, 2022•over 4 years ago

Amount Raised

$350 Million

Houston

Description

Houston, Texas — February 28, 2022 — Speedcast, a leading communications and IT services provider, today announced that the company successfully closed on a new $350 million USD Credit Facility. PSP Investments Credit USA LLC (“PSP Investments”) led the transaction, which was comprised of a $300 million Term Loan B and a $50 million Priority Revolving Credit Facility, both of which were privately placed with a select group of direct lenders. The transaction recapitalizes the March 2021 equity investment by Speedcast’s owners, Centerbridge Partners, L.P. ("Centerbridge"), a leading private investment firm, and provides additional balance sheet capital for growth.

Company Information

Company

Speedcast

Location

Houston, Texas, United States

About

Houston, Texas — February 28, 2022 — Speedcast, a leading communications and IT services provider, today announced that the company successfully closed on a new $350 million USD Credit Facility. The company leverages its global network platform to provide fully connected systems that harness technologies and applications to transform what remote operations can achieve. The company integrates differentiated technology offerings that provide smarter ways to communicate and distribute content, manage network and remote operations, protect and secure investments, and improve the crew and guest experience. The Corporate Family and Issue Credit Ratings from Moody’s and Standard & Poor’s are B3 and B, respectively, with stable outlooks.“The recapitalization further enables Speedcast to invest in innovation and growth,” said Joe Spytek, Chief Executive Officer at Speedcast. With the world’s most comprehensive network, Speedcast enables faster, seamless pole-to-pole coverage from a global hybrid satellite, fiber, cellular, microwave, MPLS, and IP transport network with direct access to public cloud platforms. Speedcast is a leading communications and IT services provider, delivering critical communications services to the Maritime, Energy, Mining, Media, Telecom, Cruise, NGO, Government, and Enterprise sectors. Speedcast® is a trademark and registered trademark.

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