[8-K] VIASAT INC Reports Material Event
Rhea-AI Filing Summary
Viasat, Inc. entered into a new Export-Import Bank-backed credit agreement providing a $188.7 million direct loan facility to its subsidiary ViaSat Technologies Limited to help fund the ViaSat-3 F1 satellite project and related costs, including up to $12.9 million of exposure fees. The company expects to draw the full amount in a single disbursement, with repayment in 16 roughly equal semi-annual installments from May 25, 2026 through final maturity on November 25, 2033. The loan will bear interest at a fixed rate based on Ex-Im Bank’s Commercial Interest Reference Rate, currently 4.63% per year, and is guaranteed by Viasat and secured by first-priority liens on selected assets of VTL, including the ViaSat-2 satellite, plus a pledge of VTL’s stock. The agreement includes leverage and interest coverage covenants and limits on asset sales, investments, capital spending, liens and dividends. Separately, on November 21, 2025 the company fully repaid $300.0 million of outstanding borrowings under Inmarsat’s original senior secured term loan facility, while Inmarsat’s $1.3 billion senior secured term loan facility from 2024 remains in place.
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Insights
Viasat adds Ex-Im term debt for ViaSat-3 while retiring $300M legacy borrowings.
The company secured a $188.7 million Export-Import Bank-backed loan for ViaSat-3 F1, with funds expected to be drawn in a single tranche. The facility amortizes over 16 semi-annual payments from May 25, 2026 to November 25, 2033 at a fixed rate tied to Ex-Im’s CIRR, currently 4.63% per year, creating long-dated, predictable debt service.
The loan is guaranteed by Viasat and secured by first-priority liens on selected ViaSat Technologies Limited assets, including the ViaSat-2 satellite and related contracts, plus a pledge of VTL equity. Financial covenants on maximum total leverage and minimum interest coverage, along with restrictions on asset sales, investments, capital expenditures, liens, dividends and other payments, add ongoing discipline and constraints.
Separately, early repayment on November 21, 2025 of $300.0 million under Inmarsat’s original senior secured term loan removes that specific obligation, while a $1.3 billion senior secured term loan entered into in 2024 remains outstanding. Overall effects on leverage and liquidity depend on future cash flows and additional disclosures.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On January 21, 2026, Viasat, Inc. (“Viasat”) and ViaSat Technologies Limited, a company organized under the laws of England and a wholly owned subsidiary of Viasat (“VTL”), entered into a Credit Agreement (the “Ex-Im Credit Facility”) by and among VTL, as borrower, Viasat, as guarantor, J.P. Morgan Securities LLC, as Ex-Im Facility Agent, and the Export-Import Bank of the United States (“Ex-Im Bank”). The Ex-Im Credit Facility provides for a $188.7 million direct loan facility, $175.8 million of which can be used to finance up to 85% of the costs of construction, launch and insurance of the ViaSat-3 F1 satellite and related goods and services (including costs incurred on or after May 1, 2018), with the remainder used to finance the total exposure fees incurred under the Ex-Im Credit Facility of up to $12.9 million. Viasat currently expects that the full borrowing availability under the Ex-Im Credit Facility will be drawn in a single disbursement following satisfaction of the conditions to utilization.
Borrowings under the Ex-Im Credit Facility are required to be repaid in 16 approximately equal semi-annual installments, commencing on May 25, 2026, with a final maturity date of November 25, 2033. Borrowings under the Ex-Im Credit Facility will bear interest at a fixed rate equal to Ex-Im Bank’s published Commercial Interest Reference Rate (“CIRR”) as in effect five business days prior to the first disbursement of funds under the Ex-Im Credit Facility. The current CIRR is 4.63% per annum.
The Ex-Im Facility is guaranteed by Viasat and secured by first priority liens on selected assets of VTL (including the ViaSat-2 satellite and certain associated contracts and insurance) and a pledge of the capital stock in VTL held by Viasat.
The Ex-Im Credit Facility contains financial covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contains covenants that restrict, among other things, VTL’s and Viasat’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Ex-Im Credit Facility also contains customary events of default. Upon the occurrence and during the continuance of an event of default, Ex-Im Bank may declare all outstanding amounts under the Ex-Im Credit Facility immediately due and payable.
J.P. Morgan Securities LLC and its affiliates have performed, and may in the future perform, for Viasat and its affiliates various commercial banking, investment banking, financial advisory or other services, for which they have received and/or may in the future receive customary compensation and expense reimbursement.
The description of the Ex-Im Credit Facility contained herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Ex-Im Credit Facility, which is attached hereto as Exhibit 10.1 to this report and is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 above is incorporated herein by reference.
Item 8.01. Other Events.
On November 21, 2025, the Company repaid early all of the $300.0 million in principal amount of outstanding borrowings under Inmarsat’s original senior secured term loan facility plus accrued and unpaid interest thereon. Inmarsat’s $1.3 billion senior secured term loan facility entered into in 2024 remains in place.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number |
Description of Exhibit | |
| 10.1 | Credit Agreement, dated as of January 21, 2026, by and among ViaSat Technologies Limited, Viasat, Inc., J.P. Morgan Securities LLC (as Ex-Im Facility Agent) and the Export-Import Bank of the United States. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VIASAT, INC. | ||||||
| Date: January 26, 2026 | By: | /s/ Brett Church | ||||
| Name: | Brett Church | |||||
| Title: | Associate General Counsel | |||||
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