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Telesat Announces Closing of Its Secured Notes Offering, Proceeds to be Invested in Telesat Lightspeed

OTTAWA, CANADA, April 27, 2021 – Telesat Canada (“Telesat”) today announced the issuance of US$500 million in aggregate principal amount of 5.625% senior secured notes due 2026 (the “Senior Secured Notes”), which will mature on December 6, 2026, pursuant to an indenture, dated as of April 27, 2021, by and among Telesat and Telesat LLC, as co-issuer, the guarantors named therein, and The Bank of New York Mellon, as trustee and notes collateral agent and the other collateral agents party thereto (the “Offering”).

Telesat will use the net proceeds from the Offering to fund additional investment into one or more unrestricted subsidiaries for the development of Telesat Lightspeed, Telesat’s Low Earth Orbit (LEO) satellite network, for the payment of fees and expenses related to the Offering, and if the funding needs of Telesat Lightspeed are less than currently anticipated, for general corporate purposes.

The Senior Secured Notes were offered only to qualified institutional buyers in reliance on Rule

144A under the Securities Act of 1933, as amended (the “Securities Act”), and, outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.  The Senior Secured Notes were not, and will not be, registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act or other applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.  Any offers of the Senior Secured Notes will be made only by means of a private offering memorandum.

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