Telesat to Refinance Distressed Debt Amid Space Race Versus Musk

Canadian satellite operator Telesat Corp. is preparing to kick off talks with lenders over at least $1.7 billion in debt that currently trades at distressed levels, its chief executive officer said.

“We will need to go back to the market and refinance,” Dan Goldberg said in an interview. “It’s something that we’re going to focus on and it’s something that we want to get done.”

Telesat has about $1.7 billion in debt maturing in December 2026 across a floating-rate term loan and senior secured notes as of Sept. 30, according to a filing this month.

Telesat creditors holding more than ...