Ottawa-based Telesat says it intends to issue US$500 million worth of new secured notes as it ramps up production of its multibillion-dollar fleet of low-Earth orbit satellites.
The satellite equipment provider said Tuesday that proceeds from the planned offering to institutional buyers will help finance Telesat’s Lightspeed satellite program. The ambitious project will eventually see nearly 300 low-Earth-orbit satellites circling the globe.
Stationed between 1,000 and 1,300 kilometres above Earth, the satellites are designed to deliver broadband internet speeds comparable to those offered by fibre-optic networks.
OBJ360 (Sponsored)
Give your home a stunning makeover—for 30 to 40 per cent less cost—with NorthCo Services
In the home renovation industry, companies don’t often see repeat clientele—but Ottawa’s NorthCo Services is a rare exception. “We have an upcoming project which will be the third one for
Ottawa’s Paterson Group offers a million reasons to give
There’s a particular image that David Gilbert, President of Ottawa-based Paterson Group, is delighted to share. It’s a map of the Ottawa area and beyond covered with thousands of dots,
Unlike some of its competitors, Telesat’s satellite network won’t deliver broadband connectivity directly to consumers. Instead, it will provide “backhaul” connections to enterprise customers such as internet service providers, airlines and cruise ship operators, who will then send the signals over their own networks.
Earlier this year, Telesat agreed to a US$3-billion deal that will see Thales Alenia Space manufacture the constellation, with the first satellites expected to launch in 2023. The Ottawa firm plans to build a new campus in Gatineau to oversee the satellite network’s operations.
Privately held Telesat’s principal shareholders are Canada’s Public Sector Pension Investment Board and Loral Space & Communications. The company, which employs more than 450 people in Ottawa, plans to go public on the Nasdaq later this year.
