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Moody’s Ratings downgraded the senior secured bank credit facility and senior secured notes ratings of Telesat Canada to Caa2 from B3.
The subsidiary that received the equity transfer is wholly owned by Telesat Canada’s parent companies and does not guarantee Telesat Canada’s existing debt.
Telesat has solid contracts in place with various Canadian regions for Lightspeed coverage.
Telesat has cancelled its plans for an additional 1,671 low Earth orbiting (LEO) satellites.
Telesat's Lightspeed fleet will comprise about 200 satellites.
Telesat's financial and legal advisers, PJT Partners Inc. and Kirkland & Ellis, were expected to meet with creditor representatives this past Tuesday.
Telesat has C$401 million in cash reserves.
Moody’s Ratings has downgraded Telesat Corp’s corporate family rating to Caa2 from Caa1.
Advisers representing creditors of Telesat are preparing to sign non-disclosure agreements to address debt obligations maturing next year.
Moody’s Ratings downgraded the senior unsecured notes rating of Telesat Canada to Ca from Caa3.
Telesat's Lightspeed fleet will likely consist of 198 satellites.
Telesat completed the transfer of 62 percent equity in its Telesat Lightspeed unit to an indirect subsidiary of Telesat Corp.
The DragonSCALSTM product has already been adopted in the satellite networks of Telesat's 'Lightspeed' and MDA Space's satellite 'AURORA'.
Telesat Lightspeed is a LEO satellite constellation intended to provide an advanced global network delivering enterprise-class connectivity to customers worldwide.
Telesat selected MDA Space as the prime satellite contractor for the Telesat Lightspeed constellation in 2023.
Telesat CEO Dan Goldberg believes Starlink will continue to gain market share but will not take 100% of the market.
Telesat awarded an initial order for 198 satellites to MDA Space powered by MDA AURORA digital satellite technology.
Telesat has contracted 14 launches from SpaceX starting in mid-2026 to deploy all 198 Lightspeed satellites within a year.
Telesat plans to begin launching Telesat Lightspeed satellites in 2026.
MDA Space is constructing a new high-volume satellite manufacturing facility in Montreal where the Telesat Lightspeed satellites will be produced.