Debt investment led by PSP Investments provides additional capital for further growth and innovation
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.”