Houston, Texas — February 28, 2022 - Speedcast, a leading communications and IT services provider, today announced that the company successfully closed on a new $350 million USD Credit Facility. PSP Investments Credit USA LLC (“PSP Investments”) led the transaction, which was comprised of a $300 million Term Loan B and a $50 million Priority Revolving Credit Facility, both of which were privately placed with a select group of direct lenders. The transaction recapitalizes the March 2021 equity investment by Speedcast’s owners, Centerbridge Partners, L.P. ("Centerbridge"), a leading private investment firm, and provides additional balance sheet capital for growth.
The Corporate Family and Issue Credit Ratings from Moody’s and Standard & Poor’s are B3 and B, respectively, with stable outlooks.
“The recapitalization further enables Speedcast to invest in innovation and growth,” said Joe Spytek, Chief Executive Officer at Speedcast. “With support from Centerbridge, we’ve made great strides in refocusing Speedcast to deliver more for our customers, and we’re excited to advance our product and service offerings to help customers harness technology innovations and maximize what their remote sites can achieve.”
“This capital raise is a great testament to the significant progress that the Speedcast team has made since Centerbridge’s acquisition in March 2021,” said Jared Hendricks, Senior Managing Director at Centerbridge and Ben Jaffe, Managing Director at Centerbridge. “Additionally, we are excited to partner with PSP Investments and our other new debt investors to support Speedcast’s continued success and next phase of growth.”
About Speedcast
Speedcast is a leading communications and IT services provider, delivering critical communications services to the Maritime, Energy, Mining, Media, Telecom, Cruise, NGO, Government, and Enterprise sectors. The company leverages its global network platform to provide fully connected systems that harness technologies and applications to transform what remote operations can achieve. With the world’s most comprehensive network, Speedcast enables faster, seamless pole-to-pole coverage from a global hybrid satellite, fiber, cellular, microwave, MPLS, and IP transport network with direct access to public cloud platforms. The company integrates differentiated technology offerings that provide smarter ways to communicate and distribute content, manage network and remote operations, protect and secure investments, and improve the crew and guest experience. With a passionate customer focus and a strong safety culture, Speedcast serves more than 3,200 customers in over 140 countries. Learn more at www.speedcast.com.
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Speedcast Contact:
Alix Wright
SVP, Global Marketing and Communications
Alix.Wright@Speedcast.com
About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines—from private equity to credit and related strategies, and real estate—in an effort to find the most attractive opportunities for our investors and business partners. The Firm was founded in 2005 and as of January 31, 2022 has approximately $33 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with C$204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.