ViaSat VSAT
announced the results of the early acceptance of its tender offer to purchase
any and all of its outstanding 8.875% Senior Notes due 2016 (the "Notes") and
the related consent solicitation.
As of 5:00 p.m., New York City time, on October 11, 2012, ViaSat had received
tenders in respect of approximately $262.1 million in aggregate principal
amount of the Notes, all of which have been accepted for purchase by ViaSat.
The holders of the accepted Notes will receive total consideration of
$1,071.56 per $1,000 principal amount of Notes tendered, which includes a
$10.00 consent payment per $1,000 principal amount of Notes tendered, plus
accrued and unpaid interest to the early acceptance date. The total cash
payment to purchase the Notes tendered through October 11, 2012, including
accrued and unpaid interest up to, but excluding, October 12, 2012, will be
approximately $282.5 million.
Tendering holders also delivered the consents to the adoption of certain
proposed amendments to the indenture governing the Notes. Consents authorizing
entry into a supplemental indenture containing the proposed amendments were
obtained from a majority in aggregate principal amount of the Notes.
Accordingly, the supplemental indenture has been executed and will become
operative upon payment for the tendered Notes. The supplemental indenture
eliminated substantially all of the restrictive covenants, certain affirmative
covenants, certain events of default and certain conditions to legal
defeasance or covenant defeasance contained in the indenture governing the
Notes.
Holders who have not already tendered Notes may continue to do so at any time
prior to the expiration of the tender offer at 11:59 p.m., New York City time,
on October 25, 2012, unless extended or earlier terminated. However, such
holders will not be entitled to receive the consent payment. Withdrawal rights
for the tender offer have expired. Accordingly, holders may not withdraw Notes
previously or hereafter tendered except as contemplated by the tender offer.
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