Telesat Corporation (NASDAQ:TSAT) Q3 2023 Earnings Call Transcript

Andrew Browne: No, Matt. The C-band assets were in an unrestricted sub and have been for a couple of years. So, the $150 million didn’t have anything to do with $150 million is available.

Matt Lapides: Got it. I appreciate the clarification. And then can you just remind us, you mentioned some interest rate hedges rolling off last year. What the current hedge position, both on rate on interest rates and FX looks like for the business?

Andrew Browne: Sure. Effectively, Matt, with that balance of cash, the cash balances, which obviously, the rates you earn on that flow had a spread, a negative spread to the base rate, but they flowed. So effectively from a floating interest rate exposure viewpoint were hedged or close enough to it that we don’t need any hedges in place. And we have not hedged the foreign exchange in a number of years.

Michael Bolitho: And there again, there is kind of a natural hedge with our business because we are receiving mix of U.S. and Canadian dollars.

Andrew Browne: That’s right. And then the last thing I would add there is, we hope most of our cash balances in U.S. dollars, not Canadian.

Matt Lapides: Got it. Okay. Thanks guys. Appreciate the clarifications. That’s it for me.

Operator: We have no further questions registered at this time. I would now like to turn the meeting back over to Mr. Goldberg.

Daniel Goldberg: Okay. Operator, thank you, and thank you all for joining us this morning. And we look forward to speaking again when we release our Q4 and full-year numbers. Thank you very much.

Operator: Thank you. The conference has now ended. Please disconnect your lines at this time. And we thank you for your participation.