Public Sector Pension Investment Board & Loral Space Acquires Telesat from BCE

On October 31, 2007, a new acquisition company formed by Canada's Public Sector Pension Investment Board (PSP) and Loral Space & Communications Inc. completed the acquisition of BCE Inc.'s satellite services subsidiary Telesat Canada for $3.47 billion.

The acquisition was financed in part with senior secured credit facilities with Morgan Stanley & Co. Incorporated, UBS Securities LLC and J.P.Morgan Securities Inc. acting as joint lead arrangers and joint book running managers, Morgan Stanley & Co. Incorporated acting as collateral agent, Morgan Stanley Senior Funding Inc. acting as administrative agent, UBS Securities LLC acting as syndication agent, Morgan Stanley Senior Funding, Nova Scotia acting as swingline lender, The Bank of Nova Scotia acting as issuing bank, and JPMorgan Chase Bank, N.A., The Bank of Nova Scotia and Citibank, N.A., Canadian Branch acting as co-documentation agents, as well as senior and senior subordinated bridge loan facilities with Morgan Stanley & Co. Inc., UBS Securities LLC and J.P. Morgan Securities Inc. acting as joint lead arrangers and joint book running managers, Morgan Stanley Senior Funding, Inc. acting as administrative agent, UBS Securities LLC acting as syndication agent, and JPMorgan Chase Bank, N.A., The Bank of Nova Scotia and Jefferies Finance LLC acting as co-documentation agents.

BCE Inc. was represented in-house by Martine Turcotte, chief legal officer, and Paul Beauregard, vice-president law, (M&A) assisted by a team from Davies Ward Phillips & Vineberg LLP including Maryse Bertrand, Philippe Johnson, Olivier Désilets, Brian Kujavsky and Diana Lyrintzis (corporate and securities); Alain Roberge (banking); and Siobhan Monaghan and Raj Juneja (tax); as well as Bonnie Roe and Scott Tayne (securities) of Davies' New York office.

BCE was represented on regulatory and competition law matters in-house by Lawson Hunter, executive vice-president and chief operating officer, Mirko Bibic, chief, regulatory affairs, David Elder, vice-president, regulatory law and Pierre-Luc Hébert, senior counsel, regulatory law and assisted in Canada by a team from Blake, Cassels and Graydon LLP comprised of David Kidd and Gary Jessop (regulatory), and Cal Goldman, Rob Kwinter and Navin Joneja (competition) and in the US by Bert Rein, Carl Frank, Jennifer Hindin, Amy Worlton and John Reynolds of Wiley Rein LLP (regulatory) and by John Taladay and Oral Pottinger of Howrey LLP (antitrust).

Telesat Canada was represented by Jennifer Lecour, vice-president, law and Richard O'Reilly, senior legal counsel, assisted by a team from Stikeman Elliott LLP including Daphne MacKenzie, Ian Putnam, Quentin Markin and Jonah Mann (corporate); and John Lorito (tax).

Loral Space & Communications Inc. was represented by Avi Katz, vice-president & general counsel & secretary and Janet Yeung, vice-president, deputy general counsel & assistant secretary; in Canada by McCarthy Tétrault LLP with a team comprised of Robert Forbes, Domenic Di Sisto, Catherine Fagnan and Aaron Klopp (corporate and securities); Hank Intven and Alison Howell (regulatory); Henry Wiercinski, Lynn Parsons, Rochelle Anne Graub, Jennifer Pyke, Richard O'Doherty, Mary Jeanne Phelan, Ira Cooper and Kevin Wright (banking & finance); Steven Baum, Nigel Johnston and Mario Abrioux (tax); David Starkman and David Bross (real estate); Robb Macpherson and Daniel Pugen (employment); and Alfred Macchione (IP); and in the United States by Willkie Farr & Gallagher LLP and a team comprised of Bruce Kraus, Mark Getachew, Andrew Markus and Dalia Al-Sayeh (corporate), William Hiller, Jeni Pepper, Kevin Bell and Nathalia Osorio (financing), Richard Reinhold, Christopher Peters, and Lior Hendler (tax), Philip Verveer and Michael Jones (regulatory), Daniel Backer (real estate), and Neal Feivelson and Rachel Dooley (IP).

The Public Sector Pension Investment Board was represented by Assunta Di Lorenzo, first vice-president, general counsel and corporate secretary and Selin Bastin, legal counsel, and in the US by Weil, Gotshal & Manges, with a team comprised of Douglas Warner, Peter Feist, Thomas Hetherington and Andrew Bailey (corporate & securities) and Hagai Zaifman (tax).

The lenders were represented in the US by Cahill Gordon & Reindel LLP and a team consisting of Michael Ohler, Daniel Zubkoff, David Becker, Nathan Kryszak, Scott Simon, Anthony Tama, Alexander Zeltser, Nathaniel Bradburd and Stephanie Tebbett, and in Canada by Osler, Hoskin & Harcourt LLP and a team consisting of Scott Horner, Lida Bucyk, Paula Cook, Constantine Troulis, Myriam Sarrazin, Kathy McGowan (financial services), Greg Wylie (tax), Rupert Chartrand (insolvency), Rod Davidge, Janet Lee (real estate), Phil Rogers (regulatory), and Desmond Lee and Roula Eatrides (securities).