ViaSat lifts revolving line to $800 million, extends credit agreement

By Wendy Van Sickle

Columbus, Ohio, May 24 – ViaSat, Inc. increased the revolving line of credit under its credit agreement dated Nov. 26, 2013 with MUFG Union Bank, NA as administrative agent to $800 million from $500 million, according to an 8-K filing with the Securities and Exchange Commission.

Tuesday’s amendment also extended the credit agreement to May 2021 from November 2018 or, if more than $200 million of ViaSat’s 6 7/8% senior notes due 2020 are then outstanding and certain conditions are met, to March 2020.

Borrowings bear interest at Libor plus 175 basis points to 275 bps, and the commitment fee ranges from 25 bps to 45 bps.

Bank of America Merrill Lynch, MUFG Union Bank and JPMorgan Chase Bank, NA are the joint lead arrangers and bookrunners. Compass Bank, Credit Suisse AG, Cayman Islands Branch, Citizens Bank, NA and SunTrust Bank are the co-documentation agents, and Bank of America, NA and JPMorgan Chase Bank, NA are the co-syndication agents.

The credit agreement contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio.

Based in Carlsbad, Calif., ViaSat creates satellite and other wireless networking systems.

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