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Satellite maker Maxar Technologies Inc. (NYSE/TSX: MAXR) plans to sell $400 million in new shares of common stock in the company to pay down debt.

In a statement Monday afternoon, the Westminster company said the proceeds would be used to pay down $150 million in long-term debt that comes due in 2023 at an interest rate of 9.75%, while the other $250 million would be used for general corporate purposes.

The offering’s underwriters also have the option to buy up to $60 million in new stock at their discretion.

The new move comes after a 2020 that Maxar largely dedicated to paying down its enormous long-term debt load. The company had more than $2.94 billion in obligations at the end of 2019, according to its latest annual report with the U.S. Securities and Exchange Commission. It slashed $523 million during 2020 through the sale of its Canadian subsidiary to a group of private-equity firms.

Buying out the 2023 notes would leave the company with about $2.27 billion in long-term debts on its books.

Maxar has not priced the new shares. If issued at the company’s last closing price of $47.84 per share, the sale would add just more than 8.36 million to its approximately 61.33 million shares outstanding.

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