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Telesat Canada Commences Announced Exchange Offer For Its 11.0% Senior Notes Due 2015 And 12.5% Senior Subordinated Notes Due 2017.
Telesat Canada informed about an offer to exchange (1) any and all of the US$692,825,000 outstanding principal amount of its 11.0% Senior Notes due 2015 for an equal amount of new 11.0% Senior Notes due 2015 and (2) any and all of the US$217,175,000 outstanding principal amount of its 12.5% Senior Subordinated Notes due 2017 for an equal amount of new 12.5% Senior Subordinated Notes due 2017. Telesat LLC is, and will be, the co-issuer of the notes. What is more, the outstanding notes are, and the new notes will be, fully and unconditionally guaranteed on an unsecured basis by Telesat Canada’s parent company, Telesat Holdings Inc., and certain of its domestic and foreign subsidiaries.
The terms of the new notes are substantially the same as the original notes, except that the new notes will be registered under the U.S. Securities Act of 1933, as amended, and the new notes have no transfer restrictions, rights to extra interest or registration rights, except for certain restrictions on transfers of new notes in Canada under applicable Canadian securities laws. The new notes have not been, and will not be, qualified for distribution under the securities laws of any province or territory of Canada except pursuant to available exemptions there from.
The exchange offer commenced on June 29, 2009 and is planned to expire at 12:00 midnight, New York City time, on July 28 2009, unless extended.
A written prospectus delivering the terms of the exchange offer may be obtained through the exchange agent, which can be contacted at:
The Bank of New York Mellon
101 Barclay Street
Reorganization Unit – Floor 7E
New York, NY 10286
Telephone: 212-815-3738
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase any securities. The exchange offer is being made only pursuant to the prospectus dated June 29, 2009 (and to Canadian residents only pursuant to a private placement memorandum of the same date) and only to such persons and in such jurisdictions as is permitted under applicable law.