Speedcast Announces Successful Closing of New $350 Million Debt Financing



Debt investment led by PSP Investments provides additional capital to pursue growth and innovation

Houston, Texas — February 28, 2022 — Speedcast, a leading provider of communications and IT services, today announced that the company has successfully closed a new US$350 million credit facility. PSP Investments Credit USA LLC (“PSP Investments”) led the transaction, which included a $300 million B term loan and a $50 million senior revolving credit facility, both privately placed with a restricted group of direct lenders. The transaction recapitalizes the March 2021 equity investment by Speedcast owners Centerbridge Partners, LP (“Centerbridge”), a leading private investment firm, and provides additional capital on the balance sheet for growth.

Moody’s and Standard & Poor’s credit ratings for the family of companies and the issue are B3 and B, respectively, with a stable outlook.

“The recapitalization further allows Speedcast to invest in innovation and growth,” said Joe Spytek, CEO of Speedcast. “With the support of Centerbridge, we have made great strides in refocusing Speedcast to deliver more to our customers, and we are excited to advance our product and service offerings to help customers harness technological innovations and maximize what their remote sites can achieve.”

“This capital raise is a great testament to the significant progress the Speedcast team has made since acquiring Centerbridge in March 2021,” said Jared Hendricks, Senior Managing Director of Centerbridge and Ben Jaffe, Managing Director of Centerbridge. “Furthermore, we are thrilled 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 provider of communications and information technology services, providing mission-critical communications services to the maritime, energy, mining, media, telecommunications, cruise, NGO, government and business. The company leverages its global network platform to deliver fully connected systems that leverage 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 hybrid global carrier network of satellite, fiber, cellular, microwave, MPLS, and IP with direct access to flats. -public cloud forms. 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 experience and guests. With a passionate customer focus and strong safety culture, Speedcast serves over 3,200 customers in over 140 countries. Learn more about www.speedcast.com.

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About Centerbridge Partners, LP
Centerbridge Partners, LP is a private investment management firm that uses a flexible approach across all investment disciplines – private equity, credit and real estate – with the goal of developing the most attractive opportunities for our investors. The company was founded in 2005 and as of January 31, 2022, it managed approximately $33 billion in capital with offices in New York and London. Centerbridge is committed to partnering with world-class management teams in targeted industries and geographies. For more information, please visit www.centerbridge.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of the largest pension investment managers in Canada, with C$204.5 billion in net assets under management as of March 31, 2021. It manages a diversified global portfolio consisting of investments in public capital markets, private equity, real estate, infrastructure, natural resources and credit investments. Created in 1999, PSP Investments manages and invests the sums 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 Montreal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.

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