Telesat draws $120 million loan, flags going-concern doubt

Telesat drew a $120 million loan on August 13 to fund near-term GEO operations and disclosed a going-concern warning over its ability to meet roughly $2.1 billion in debt maturities over the next 14 months, including a $1.32 billion term loan and a $387 million note due in December 2026. Shares fell 13% on the news, reversing part of the gain from its $2.3 billion Canadian Arctic military contract signed August 4, even as Telesat points to its growing Lightspeed LEO backlog as evidence the underlying business is expanding.