v3.26.1
Indebtedness - Schedule of Indebtedness (Details) - CAD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Telesat GEO Financing    
Borrowings before deferred financing costs $ 3,844,514 $ 3,660,787
Deferred financing costs, prepayment options, warrants and loss on repayment (199,702) (167,180)
Total 3,644,812 3,493,607
Less: current indebtedness (2,374,537) (2,341,145)
Long-term indebtedness 1,270,275 1,152,462
Term Loan B – U.S. Facility [Member] | Telesat GEO Financing [Member]    
Telesat GEO Financing    
Borrowings before deferred financing costs [1] 1,837,650 1,812,296
2027 Senior Unsecured Notes [Member]    
Telesat GEO Financing    
Borrowings before deferred financing costs [2] 296,460 292,369
2026 Senior Secured Notes [Member]    
Telesat GEO Financing    
Borrowings before deferred financing costs [3] 538,615 531,183
2027 Senior Secured Notes [Member]    
Telesat GEO Financing    
Borrowings before deferred financing costs [4] 313,103 308,783
Government Of Canada Telesat Lightspeed Financing [Member]    
Telesat GEO Financing    
Borrowings before deferred financing costs [5] 723,460 603,376
Government Of Quebec Telesat Lightspeed Financing [Member]    
Telesat GEO Financing    
Borrowings before deferred financing costs [5] $ 135,226 $ 112,780
[1] On December 6, 2019, Telesat GEO entered into a new amended and restated Credit Agreement with a syndicate of banks which provides for the extension of credit under the Senior Secured Credit Facilities (“Senior Secured Credit Facilities”). The Senior Secured Credit Facilities are comprised of two tranches — a revolving credit facility of up to $200.0 million US dollars which matured in December 2024 and Term Loan B — U.S. Facility of US$1,908.5 million maturing in December 2026. During the three months ended March 31, 2026 and March 31, 2025, there were no repurchases of debt.
[2] On October 11, 2019, Telesat GEO issued, through a private placement, US$550 million of 6.5% Senior Unsecured Notes, maturing in October 2027 (“2027 Senior Unsecured Notes”). During the three months ended March 31, 2026 and March 31, 2025, there were no repurchases of debt.
[3] On April 27, 2021, Telesat GEO issued, through a private placement, US$500 million in aggregate principal amount of 5.625% Senior Secured Notes maturing in December 2026 (“2026 Senior Secured Notes”). During the three months ended March 31, 2026 and March 31, 2025, there were no repurchases of debt.
[4] On December 6, 2019, Telesat GEO issued, through a private placement, US$400 million 4.875% Senior Secured Notes, maturing in June 2027 (“2027 Senior Secured Notes”). During the three months ended March 31, 2026 and March 31, 2025, there were no repurchases of debt.
[5] On September 13, 2024, Telesat LEO entered into loan agreements with 16342451 Canada Inc., a subsidiary of Canada Development Investment Corporation (“Government of Canada”) and Investissement Quebec (“Government of Quebec”), for senior secured non-revolving delayed draw term loan facilities in the principal amount of $2,140 million and $400 million, respectively (“Telesat Lightspeed Financing”). The debt balances include $38.6 million of interest that was added to the principal balance of the loan.