ViaSat’s Inmarsat Global agrees to binding term sheet with Ligado

Viasat (VSAT) announced that its subsidiary Inmarsat Global has agreed to a binding term sheet with Ligado Networks and AST & Science to settle Inmarsat’s opposition to Ligado’s planned restructuring. Under the conditions set forth in the term sheet, Viasat anticipates receiving $568M from Ligado in fiscal year 2026, which will primarily be used to manage near term maturities and address its extended maturity profile. Under the conditions of the term sheet, and subject to Bankruptcy Court approval, Inmarsat, Ligado and AST agreed to the following: Starting on September 30, Ligado will resume making quarterly payments of ~$16M per quarter to Inmarsat. The quarterly payment amount increases 3% per year for the life of the contract. Ligado will make a $420M lump sum payment to Inmarsat on October 31. Ligado will pay a lump sum payment of $100M to Inmarsat on March 31, 2026. Including the December and March quarterly payments, Inmarsat expects to receive a total of $568M by March 31, 2026. Ligado’s lawsuit against Inmarsat is stayed effective immediately and will be dismissed under conditions set forth in the term sheet. Viasat’s considerable ability to provide essential mobile satellite services globally remains unaffected. The agreement reflects Viasat’s continued commitment to facilitate innovation that enables new MSS services while ensuring the interference-free provision of existing services, including vital safety services. The agreement also demonstrates the ability to introduce new satellite configurations within existing spectrum sharing terms that have provided critical stability in the industry for decades.