VIASAT INC 8-K

What Happened

• Viasat Inc. and its wholly owned UK subsidiary ViaSat Technologies Limited (VTL) entered into a Credit Agreement with the Export‑Import Bank of the United States (Ex‑Im Bank) dated January 21, 2026. The Ex‑Im Credit Facility provides a $188.7 million direct loan facility—Viasat expects to draw the full amount in a single disbursement once conditions are met.
• Of the $188.7M, $175.8M can be used to finance up to 85% of the costs to construct, launch and insure the ViaSat‑3 F1 satellite (including eligible costs incurred on or after May 1, 2018); the remaining $12.9M covers exposure fees under the facility. Repayments are required in 16 approximately equal semi‑annual installments beginning May 25, 2026, with final maturity on November 25, 2033. Interest is a fixed rate equal to Ex‑Im’s CIRR (current CIRR 4.63% as of filing).

Key Details

• Loan amount: $188.7 million total; $175.8M for project costs, $12.9M for exposure fees.
• Repayment: 16 roughly equal semi‑annual installments from May 25, 2026 to Nov 25, 2033.
• Interest/security: Fixed CIRR-based rate (current 4.63%); facility guaranteed by Viasat and secured by first‑priority liens on selected VTL assets (including ViaSat‑2 and related contracts/insurance) and a pledge of VTL capital stock.
• Covenants and defaults: Contains leverage and interest coverage financial covenants and customary restrictions on asset sales, investments, capex, liens, dividends and other payments; Ex‑Im may accelerate repayment on an event of default.
• Other item: On Nov 21, 2025 Viasat repaid $300.0M of outstanding borrowings under Inmarsat’s original senior secured term loan; Inmarsat’s $1.3B 2024 term loan facility remains in place.

Why It Matters

• This Ex‑Im loan provides dedicated financing for the ViaSat‑3 F1 satellite, reducing the company’s immediate cash outlay for construction, launch and insurance while adding a secured, long‑term debt obligation to Viasat’s balance sheet.
• The facility’s covenants (leverage and interest coverage) and security on key satellite assets may limit financial and operational flexibility and are important for investors monitoring leverage and liquidity.
• The fixed CIRR pricing locks in an interest cost benchmark (current 4.63%); repayment beginning in mid‑2026 creates cash‑flow obligations that investors should factor into near‑term free cash flow and debt servicing assessments.