Inmarsat launches $1.4 billion term loan B at SOFR plus 400-425 bps

By Sara Rosenberg

New York, March 5 – Inmarsat (Connect Finco Sarl/Connect U.S. Finco LLC) was scheduled to hold a lender call at 11:30 a.m. ET on Tuesday to launch a $1.4 billion term loan B due September 2029 that is talked at SOFR plus 400 basis points to 425 bps with a 0.5% floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc., Citizens, DNB, Goldman Sachs Bank USA, ING, JPMorgan Chase Bank, MUFG and NatWest are the arrangers on the deal. HSBC Securities (USA) Inc., Intesa, Natixis and UBS Investment Bank are the co-managers.

Commitments are due at 10 a.m. ET on March 12, the source added.

Proceeds will be used to extend all or a portion of the company’s existing outstanding term loans and to pay transaction costs.

Inmarsat, part of the ViaSat group, is a provider of mobile satellite communications services.

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