LORAL PRESS RELEASE
Loral Space & Communications Inc. (Nasdaq:LORL) announced today that its wholly-owned subsidiary Space Systems/Loral, Inc. (SS/L) has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering. The filing contemplates the registration and offer to the public of up to 19.9 percent of SS/L’s common stock; upon completion of the offering, Loral will continue to own the remainder of SS/L’s common stock. Funds raised in the offering will be used by SS/L for working capital and other general corporate purposes, including to finance further growth and expansion of SS/L’s business.
SS/L is a leading designer, manufacturer, and integrator of satellites and satellite systems for commercial and government applications, including broadband internet service to the home, mobile video and internet service, broadcast feeds for television and radio distribution, phone service, civil and defense communications, direct-to-home television broadcast, satellite radio, telecommunications backhaul and trunking, weather and environment monitoring and air traffic control.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. are joint book running lead managers for the offering. The public offering will be made only by means of a prospectus which, when available, may be obtained by writing or calling the prospectus department at Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, Level 1B, New York, NY 10010, telephone 800-221-1037 or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, telephone 866-803-9204.
Loral Space & Communications is a satellite communications company. In addition to its ownership interest in SS/L, Loral also owns 64 percent of Telesat Canada, a global operator of telecommunications and direct broadcast satellites used to distribute video entertainment programming, broadband data, and provide access to Internet services and other value-added communications services. For more information, visit Loral’s Web site at www.loral.com.