Company: VSAT
Filing Date: 2025-05-27
Form Type: 10-K
Source: 0000950170-25-077138
Chunk: 123

Company: VIASAT INC
Filing Date: 2025-05-27
Form: 10-K
Item: Item 6
Chunk 123
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ATED FINANCIAL STATEMENTS - (Continued) 

Senior Notes Senior Notes due 2025; Discharge of Indenture and Gain (Loss) on Extinguishment of DebtIn September 2017, the Company issued $700.0 million in principal amount of 2025 Notes in a private placement to institutional buyers. During the second quarter of fiscal year 2025, the Company repurchased $257.5 million in aggregate principal amount of 2025 Notes in open market transactions, resulting in $442.6 million in principal amount of 2025 Notes remaining outstanding as of March 31, 2025. As a result, the Company recorded a gain of an insignificant amount in (loss) gain on extinguishment of debt, net in the consolidated statement of operations during fiscal year 2025. Subsequent to fiscal year end, on May 2, 2025, the Company redeemed all of the remaining $442.6 million in principal amount of 2025 Notes at a redemption price of 100% of the principal amount so redeemed plus accrued and unpaid interest thereon to the redemption date, and the indenture governing the 2025 Notes was satisfied and discharged in accordance with its terms. As a result of the redemption of the 2025 Notes, the Company is expected to recognize a loss of an insignificant amount on extinguishment of debt during the first quarter of fiscal year 2026. The 2025 Notes bore interest at the rate of 5.625% per year, payable semi-annually in cash in arrears, and were recorded as current portion of long-term debt, net of debt issuance costs, as of March 31, 2025 in the Company’s consolidated financial statements.Inmarsat Senior Secured Notes due 2026; Discharge of Indenture and Loss on Extinguishment of DebtIn October 2019, certain subsidiaries of Inmarsat Holdings issued $2.08 billion in principal amount of Inmarsat 2026 Notes in a private placement to institutional buyers. In July 2024, Inmarsat repurchased $101.7 million in aggregate principal amount of Inmarsat 2026 Notes in open market transactions.On October 1, 2024, Inmarsat used the net proceeds from the issuance of the Inmarsat 2029 Notes, together with cash on hand, to redeem all of the remaining $1.97 billion in principal amount of Inmarsat 2026 Notes at a