Keystone Law Isle of Man has advised TMF Trustee Limited (TMF) in respect of a major Senior Secured Notes Offering by international satellite operator Telesat Canada (Telesat).

Telesat issued US$400 million 4.875% senior secured notes (the “Senior Secured Notes”) to institutional investors, connected to its entry into an amendment to its senior secured credit agreement providing for a new term loan facility of US$1.909 billion and a new revolving credit facility with commitments of US$200 million.

TMF acted as collateral agent for the security given by Telesat’s Isle of Man based subsidiaries in connection with the Senior Secured Notes offering.

TMF Group is one of the world’s leading providers of business services and solutions, operating in more than 125 offices in over 80 countries and employing more than 7,000 qualified accountants, lawyers, corporate secretaries, HR and other professionals.

The Keystone Isle of Man transaction team was led by Geoff Kermeen.

Helena Giles, director of TMF and part of TMF Group Global Capital Markets Team said:

We continue to see significant growth in collateral agent appointments. The strength of TMF Group comes from its global reach to take collateral in all the jurisdictions required on these types of transactions. TMF Group were delighted to be asked to act as collateral agent utilising our Brazil and UK offices. We partnered with Keystone Law of Isle of Man due to their team’s experience on this type of transaction and being able to work to an expedited timetable and look forward to working with them again.”

Geoff Kermeen, Managing Director of Keystone Isle of Man said

It was an honour to assist TMF given the scale and global reach of the notes offering and its connection to the Island’s space sector, which remains an active and dynamic part of our economy. It was also a particular pleasure to advise the TMF Capital Markets team in respect of this Isle of Man related transaction, which exemplifies the type of world leading service provider Keystone Law is delighted to work with in order to grow our jurisdiction.”