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ViaSat Announces Early Acceptance Of Cash Tender Offer And Receipt Of Requisite Consents In Consent Solicitation For Its 8.875% Senior Notes Due 2016

Stocks in this article: VSAT

CARLSBAD, Calif., Oct. 12, 2012 /PRNewswire/ -- ViaSat Inc. (Nasdaq: 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.

(Logo: http://photos.prnewswire.com/prnh/20091216/VIASATLOGO)

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.

If not all Notes are validly tendered pursuant to the tender offer, ViaSat expects to redeem any untendered Notes in accordance with the indenture governing the Notes.

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