Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Telesat second quarter 2026 financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to James Ratcliffe, Vice President, Investor Relations. Please go ahead. Thank you, Jordan. Good morning, everyone, and thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending June 30th, 2026, on Form 6-K with the SEC and on SEDAR+. Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties. For a discussion of known risks, please see Telesat's annual report and updates filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements. I would now like to turn the call over to Dan Goldberg, Telesat's President and Chief Executive Officer. Okay. Thanks, James, and good morning, everyone. Thanks for joining us. I'll start with a few words about the business, and then I'll hand the call over to Donald to speak to the numbers in more detail. We'll then open the call up to questions. Just last week, we announced we signed the first contract in the ESCP-P program, and we're very pleased to have secured that key strategic opportunity to provide such a critical capability to the Canadian Armed Forces to support the range of important missions and interests that they have and that Canada has in the Arctic. With that contract announced and an expanded Lightspeed constellation fully funded for an accelerated rollout, we're very well-positioned to execute on the wide range of additional opportunities for Lightspeed that we're now engaged on, including in the defense and government segments, allowing us to build on our already substantial CAD 5.6 billion Telesat Lightspeed contractual backlog. Our strong confidence in our future prospects caused us to raise our publicly available revenue and EBITDA forecast for Lightspeed, which I hope you all saw last week. In addition to the strong commercial traction we're getting, we've also been making excellent progress on the technical and operations fronts for Lightspeed. On the constellation development side of things, we've signed a firm contract with MDA for 69 additional satellites, bringing the fully funded and committed constellation size to 225 satellites. We've secured almost all the launch capacity we need and expect to sign an agreement for the final Falcon 9 rocket required to complete the deployment of the 225-satellite constellation in the near future. We continue to expect global commercial availability in the first quarter of 2028. In light of the expansion of the constellation, you may have noticed in today's earnings release that we updated our 2026 Lightspeed total investment guidance for 2026, which includes both OpEx and CapEx associated with delivering the global network. Our prior guidance was CAD 1 billion-CAD 1.2 billion of investment this year, which we've now brought up to CAD 1.3 billion-CAD 1.5 billion, a CAD 300 million increase to the bottom and top end of the range. In our GEO segment, first quarter results came in largely as we had expected, with most of the year-over-year decline coming from non-renewals and lower revenue renewals in our broadcast activities and, to a lesser extent, in reductions in services for fixed broadband customers. That was partially offset by new contracts for broadband services for commercial airline broadband connectivity. As you may have noticed, our GEO backlog increased during the quarter due primarily to a meaningful term extension of one of our broadcast video contracts. Evidence of our continued efforts to maximize the value of our existing GEO satellites, lock in long-term commitments where we can to improve cash flow visibility in the legacy business, all while retaining careful cost controls to mitigate the impact of ongoing revenue pressures in the GEO segment. During the quarter, two of our GEO satellites, Anik F4 and Telstar 14R, reached the end of their useful lives and were retired from service. While we've been able to transfer nearly half the traffic from these satellites on to certain of our remaining GEO satellites, the decommissioning of these satellites will still be a headwind for the balance of this year and into the future. We had anticipated this impact. We knew that these satellites were going to be retired this year when we provided our GEO segment guidance for 2026, and we're reiterating that revenue and EBITDA guidance today. Staying with our GEO segment, we were pleased to see late last month the FCC's report in order to repurpose 160 MHz of C-band satellite spectrum for terrestrial wireless use. Under the terms of the Report and Order, Telesat is due to receive $189 million in incentive payments for our role in freeing up that valuable spectrum. We're actively working to develop a plan to ensure that the spectrum is cleared prior to the transition deadlines in 2030 and 2031. We successfully cleared C-band spectrum in the prior FCC C-band reallocation proceeding, and we're confident we'll be successful this time as well. Lastly, for Telesat GEO, we've entered into a new term loan agreement with a third-party lender for $120 million to be used for general corporate purposes. These new funds will provide Telesat with greater financial resources to support our legacy business. We remain heavily focused on the upcoming Telesat GEO debt maturities and achieving a fair and balanced consensual outcome for all of our stakeholders. With that, I will hand over to Donald, who will speak to the numbers in more detail. Then, we will open the call up to questions. Thank you, Dan, and good morning, everyone. My prepared remarks today will focus on highlights from this morning's press release and filing. In the second quarter of 2026, we reported consolidated revenue of CAD 79 million, adjusted EBITDA of CAD 22 million, and net loss of CAD 559 million. Consolidated net loss for the quarter was impacted by an increase of CAD 475 million in the fair value of Telesat Lightspeed Financing Warrants and the weakening of Canadian dollar during the quarter, impacting the value of our U.S. dollar-denominated debt. The warrants are now valued at more than $1.3 billion, reflecting the expansion of the constellation to 225 satellites and our ability to accelerate the execution of our plan. Interest expense for the quarter totaled CAD 50 million, down CAD 54 million in the second quarter of 2025 due to lower interest rate on our term loan. Interest relating to the Telesat Lightspeed totaling CAD 18 million during the second quarter of 2026 was capitalized to the project, compared to CAD 8 million for the same period last year, as the amount outstanding on the Telesat Lightspeed financing has increased to CAD 974 million at the end of the quarter, including capitalized interest of CAD 54 million. Our GEO segment results were in line with our expectations during Q2. We generated CAD 78 million in revenue, down 26% or CAD 28 million compared to the same period last year. For the year, revenue of our GEO business segment was CAD 164 million, also down 26% from last year. The majority of the revenue decline during the quarter and for the year was in our broadcast segment, driven by the expiration of contract for service on our Nimiq 4 satellite in 2025 and lower capacity and rate as part of the renewal of contract on Nimiq 5. In our enterprise segment, the decline was primarily driven by lower revenue from our Explorer contract renewed in October 2025. These declines were partially offset by new contracts added in 2025 in our aviation vertical by our global commercial team. The utilization of our satellite was 60% at the end of Q2. I will note that this utilization figure benefit from the retirement of our Telstar 14R and Anik F4 satellite during the quarter. If we adjust for these retirements, utilization declined about 2 percentage points from the end of Q1. The backlog of our GEO segment rose to CAD 900 million at the end of June, due in large part to the extension of one of our broadcast service contract for five years during the quarter. Adjusted EBITDA for our GEO segment was CAD 43 million for the second quarter, down CAD 37 million compared to last year, driven by lower revenue and higher expense related to our debt refinancing process. Our second quarter 2026 results include approximately CAD 14 million in costs related to our debt refinancing, up approximately CAD 7 million compared to the same period last year. Adjusting for these expense, our GEO adjusted EBITDA would have been CAD 57 million during the period, down 30% from last year. For the year, adjusted EBITDA totaled CAD 119 million after excluding expense relating to our refinancing process. As a result of this performance, for the first half of 2026, we are reiterating our GEO business segment guidance for the year of revenue of CAD 300 million -CAD 320 million, and adjusted EBITDA of CAD 210 million -CAD 230 million, excluding debt refinancing and related litigation expenditure. Turning to the cash and liquidity position of our GEO business segment, cash at the end of Q2 was approximately CAD 160 million, and we announced today we borrowed $120 million under a new term loan, providing meaningful additional cash for Telesat GEO. We invested CAD 165 million in the Telesat Lightspeed program during the second quarter of 2026, including CAD 145 million in capital expenditure and CAD 20 million in non-capitalized labor and other operating costs for a total investment of CAD 336 million this year. Given the accelerated expansion of the constellation deployment from 156 to 225 satellites we announced last week, we now expect full-year investment in the program to be between CAD 1.3 billion -CAD 1.5 billion, up from CAD 1 billion -CAD 1.2 billion guidance we provided earlier this year, with the incremental investment funded by pre-service milestone payment to be received from the Government of Canada. In the LEO segment, we ended the quarter with over CAD 200 million in cash on hand. This cash, combined with CAD 1.6 billion in availability under our Telesat Lightspeed financing, $325 million from our vendor financing, and $1.5 billion in milestone payment related to the ESCP-P contract, is expected to fully fund the Telesat Lightspeed project, including $500 million of contingencies, until it achieves global commercial service around the end of Q1 of 2028. Our backlog for Lightspeed increased significantly to approximately CAD 5.6 billion, with the increase coming largely from the 15-year initial ESCP-P contract we announced last week. We also signed a five-year contract with Northwestel in early Q2 for rural broadband connectivity in Canada. Before I conclude my prepared remark, I would like to confirm that we are in compliance with all covenants in our credit agreements and indenture. I'll now turn the call back to the operator for the Q&A. Thank you. As a reminder, if you would like to ask a question in today's call, simply press star followed by the number one on your telephone keypad. You will be limited to one question and one follow-up question. We will take a brief moment to compile the Q&A roster. Your first question comes from the line of Caleb Henry from Quilty Space. Your line is now live. Hi, guys. First question is actually on the future expansion of the Lightspeed contract, or excuse me, Lightspeed constellation. On the previous call, it was mentioned that there is going to be X and UHF band, which you are partnered with MDA on. Can you talk about the role that Telesat is playing as a partner there? Is that capacity that you also anticipate being able to sell, o r is Telesat mainly managing the constellation on behalf of the Canadian government? Hey, Caleb. Good morning, and thanks for the question. Maybe just a quick step back on ESCP-P, and we have talked a little bit about this before. It is all about Arctic satellite communications capability. There is a military Ka- band component of that. As we have announced before, that is going to be provided using Lightspeed, and we have expanded the constellation to meet those requirements. So that is number one. Number two is there will be also a UHF and X- band capability. That is expected to be in MEO. That is a constellation that will be primed by MDA, and Telesat will be a subcontractor to MDA. There is still more work that needs to be done on that, more work with the Government of Canada, DND, the Royal Canadian Air Force to define exactly what that capability is going to look like, and contracts need to be in place. We have got a teaming agreement with MDA on that. Telesat and MDA have been, already, and we announced this a while ago, named as kind of the strategic partners for that capability. It is not my expectation that we are going to end up owning that MEO constellation. Would we have some ability to resell excess capacity on it? I do not know. That is not something that we have explored at this point in time. It is going to take a little while from here. We have got to do definition work and whatnot. I think at a minimum, what Telesat will be doing in connection with the MEO constellation, again, as a subcontractor to MDA, is providing network integration expertise, ground segment expertise, overall ESCP-P integration. You have got the Mil-Ka, you have got the UHF, you have got the X- band. That is all got to operate as an integrated network. So in any event, I do think it's a meaningful opportunity for Telesat. When we talked about the ESCP-P contract that we announced just last week, we're pretty clear that that's an initial contract. We expect follow-on contracts probably next year for even still the military Ka- band. It'll be more about network integration, user terminals, and other ground segment. That we expect to be a meaningful set of contracts for us. Then on MEO, that work's going to take probably a couple of years to get in place. But here again, our expectation is we'll have a long-term role in supporting that constellation and that that represents a very material revenue opportunity for the company. I hope that's helpful. That is. Then my one follow-up, also harking back to last week's call. The presentation had a couple of mentions of relay as an emerging service area. I was wondering if you could talk a little bit about that, the forecast for relay revenue, and when do you see that turning on and some of the drivers? Yeah. So, when we talk about space relay, that's really about leveraging the Lightspeed constellation to communicate with other satellites. Those could be satellites, Earth observation, for instance. We have the ability to connect those satellites into our global backbone. So many of those satellites today, they're taking images, they're collecting data, but the end user has to wait for the satellite to pass over a gateway. That data gets downloaded, and only then is it available to the end user. We can get that data back to the users in real time. If that satellite is connected to the Lightspeed constellation, it can collect the data, it can instantly relay that data to Lightspeed, and we can terminate that traffic anywhere on the face of the Earth in milliseconds. We think that's very powerful. We're already doing work with NASA to demonstrate this capability, and we've disclosed that NASA contract before. We've been engaged with quite a few potential customers for this. Earth observation companies, other governments. Governments have a lot of those satellites in orbit collecting valuable data, and they want access to that information as fast as possible. Oh, I should also say that our optical inter-satellite links meet the U.S. government's SDA standard. And so that opens up, we think, a big opportunity because other operators will have their optical links also meeting those standards, which means we can pass traffic to one another. You've seen our forecast, that revenue ramps, I don't have it in front of me. It sort of ramps gradually. But we're bullish on that opportunity for defense applications, for civil applications. We think there's great promise there. Certainly when you hear others talk about data centers in space, that is another opportunity. If there are data centers in space, it needs to be connected back to the Earth. And so when we think about space relay, it covers a pretty wide range of applications that we are quite bullish on. Your next question comes from the line of Edison Yu from Deutsche Bank. Your line is now live. Hey, good morning. Thanks for taking our questions. First, want to ask you about your latest thoughts regarding D2D. You probably saw MDA address the SpaceRAN proposal. Is that something that you would take part in? Have you had discussions around a potential role in operating such a constellation? I would say this on D2D, and maybe the first thing I would say is, we are very, very focused right now on executing on Lightspeed. It is the biggest project in Telesat's history. It is the biggest space project in Canada's history. We see a huge opportunity there, but we need to stay focused on executing that, and we are. That said, we are pretty well acquainted with what the various operators around the world and here in Canada are doing around D2D. We have had conversations with a number of parties about what role Telesat could potentially play in a D2D constellation. Anyway, I will not offer any more specifics than that other than to say, it is not in any sense our principal area of focus. But opportunistically, if we can play a role in a D2D network where we can add value, that can be accretive to Telesat, doesn't distract us from our top priorities. That's something that we would think about. Understood. Wanted to also ask you, just going back to Lightspeed. Obviously, you put out those numbers, which were very positive. Can you maybe talk about the underlying assumptions a bit more? Outside of the big change in mix to government and military, did you have a lot of movement in terms of the pricing assumptions, the price per bit? Just can you maybe double-click on just some of the underlying assumptions that went into those forecasts that may have changed versus three years ago? I would say fundamentally, there's certainly been, as you noted, a meaningful change in mix. When we first started down the path of Lightspeed, the world was a pretty different place than it is today. These geopolitical shifts, and some of these conflicts that are ongoing around the world have opened up this very significant opportunity for defense and kind of sovereign requirements. To respond to that and to respond to what the Government of Canada was needing for their ESCP-P program, we changed our frequency plan to add the Mil-Ka band. In any event, that in and of itself, has a big impact on our expectations around revenue mix because obviously the Mil-Ka is going to be used for those government defense and sovereignty applications. Beyond that, though, we updated all the assumptions, obviously underpinning the plan with respect to pricing, with respect to take-up, with respect to geographic distribution and whatnot. But there were not, I would say, wholesale changes in terms of our expectations around the pricing environment. We know that the market for satellite-delivered broadband connectivity is going to be a competitive market. We always knew that. We've modeled downward price pressure over time throughout the plan. We did that previously. That's still embedded in our current plan. We sort of sharpened our pricing assumptions, in some instances down, in some instances up, based on kind of the more current information that we have. Anyway, Edison, that's how we went about doing it. I hope that was helpful. Yeah. No, thank you. If I could just sneak in just one financial one. Just in terms of the, obviously, you got the extra debt. Any update on when we can expect any sort of update on the near-term maturity, just in terms of the negotiations and what you think about that? Yeah. Here's what I'd say about that, and obviously, everyone on this call knows it. We're limited in terms of what we're able to say about the upcoming maturities. What I can say is it remains a key priority. It always has been throughout the year. Our focus, working with our advisors, is to reach a consensual outcome with the legacy lenders prior to the maturities coming due. That's something that we're very focused on, and doing it in a way that's fair and balanced for all the stakeholders of the business, including, obviously, the lenders. So, that's what our focus has been. Our focus remains that. Just given the nature of these kinds of processes, there's only so much that we can say about it. Obviously, as soon as we have a material update that we can share, we will. That's kind of the status at this point. Your next question comes from the line of Dave McFadgen from ATB. Your line is live. Oh, hi guys. Yeah, a couple of questions, if I may. I see that you increased the warrant valuation quite a bit. I was wondering if you could tell us what you are actually valuing [LE O] at to get to that warrant valuation. Secondly, when do you think you would be able to announce some more defense customers, like some other NATO countries buying some capacity on Lightspeed? Thank you. Thanks for the questions, Dave. On trying to extrapolate the value of Lightspeed from the warrant value, we are not going to do that for folks. You are absolutely right, though. The value of the warrants has gone up by more than 50%, and that is totally a function of the fact that we got the ESCP-P contract done. We have got this very significant backlog now on Lightspeed. We have been able to accelerate our expectations around revenue and EBITDA take up commensurate with us accelerating the expansion of the constellation. Anyway, that is obviously a positive sign for the business. It is good news if you are a Canadian taxpayer because the Government of Canada and the Government of Quebec have warrants in the Lightspeed project. Anyway, and I am no sophisticated financial analyst. You are, you can probably, working backwards, make your own calculations about what that might imply for the value of Lightspeed. We are not going to do it for you. That was one. On your question about further defense opportunities and when we would be in a position to announce them, it is always tricky. ESCP-P itself, we laugh about this a little bit. We bid on that originally in 2008. We always knew it was a question of when and not a question of if. If someone had told me in 2008 it would take 18 years, I would have been surprised. I do not expect the opportunities that we have in the pipeline for Lightspeed to take 18 years. Because given the nature of the world right now, the customers that we are talking to, they want this capability as soon as possible. We are having real meaningful concrete opportunities with, I would say, sovereign customers about using Lightspeed. It is always hard to handicap just how long those things will take. My expectation is by the end of next year, our backlog will be meaningfully higher because of my confidence, our confidence about converting things that we have in the pipeline today into firm take or pay contracts like ESCP-P. Is it possible to get something more done by the end of this year, recognizing that we are already halfway through August? I do not know. Maybe. I would not foreclose it, but I sure would not telegraph that we have got high conviction about doing that. But we do have higher conviction about getting that done between now, again, and the end of next year before Lightspeed even goes into full commercial service. That is our expectation. But I've got to say, we never gave backlog guidance for this year. I think at most I would've said we expect backlog to be some multiples higher at the end of this year than it was at the beginning of this year. There, we're very pleased sitting here today having gotten ESCP-P. We signed the Northwestel contract. We have very positive, significant opportunities still in the pipeline above and beyond the incremental meaningful opportunities with ESCP-P. So we are very bullish about our ability to meaningfully grow backlog from here, even before we enter commercial service. Would it be possible to squeeze one more in? Sure. I saw you got that additional loan, and the GEO sub. What's the collateral for that additional loan? I'd say this, we're not going to get into the weeds of it on this call. But I will say at the highest level, under our covenant package in the and I'm just talking about in the legacy borrowing, so the term loan and the notes that we have out there. We obviously had scope to raise this incremental funding, and so we were pleased to get it done. It just gives us more financial resources to support the legacy business, which here again, I think is a good thing for the business. I will say this also, we provided some disclosure about this loan in the release and in the financial statements. In the fullness of time, we'll file the loan agreement as well. That'll be out there. Your next question comes from the line of Maher Yaghi from Scotiabank. Your line is live. Great. Thank you for taking my question. I have a few. Maybe I will start with the ESCP-P contract that you signed. Maybe if we can go back. It was great to see the contract being finalized. I wanted to ask you specifically, the new satellites that you are going to deploy following that contract being signed, are they in any way different technologically speaking in terms of frequencies that they operate under versus the initial 156 satellites? Thanks for the question. No, they are identical to the first 156 satellites. What is good about that is they are going to just follow immediately down the assembly line from the 156 satellites. It means that nothing about adding those 69 additional satellites is going to slow down in any way the delivery of those first 156 satellites, which is why we are standing behind our target entry date in terms of when we go into global service. Then those next 69 just follow right on from the initial 156 satellites. Yeah, all 225 satellites will be identical. Okay. Given this, I was trying to figure out, when I look at the revenue run rate of the program beyond the initial spike in cash payments upfront, I was wondering why do you need the new satellites? Because I was trying to figure out the capacity that the new contract is going to consume out of your existing 156 satellites on the Mil-Ka band, which is 25% of your spectrum allocation. It does not seem to me like it is going to use up much of that 25% anyway. Why did we move in the direction of putting up more satellites right away instead of waiting as after commercial launch, and then putting up more satellites? Yeah, no, it is a great question. There are a couple of reasons. One, when we converted the frequency plan for the first 156 satellites, absolutely the right thing to do, given all the opportunities we see with defense users and how much demand we expect there will be for this very advanced military Ka -band capability. We are excited about that. At the same time, we took 25% of the frequencies that were going to be available for our commercial customers off the market. We see huge opportunities there, and we did not want to reduce our capacity that could support those commercial verticals like broadband connectivity for the airline industry, broadband connectivity for the maritime sector, broadband connectivity for rural broadband, enterprise users around the world, and the like. What was great about accelerating the expansion of the satellites, because our plans were always to have more satellites than 156. We were just going to fund the expansion satellites with the cash flow from the first 156 satellites. It was not a view that we will not see demand for that capacity. We just did not have enough money to grow the constellation as much as we wanted to. With this deal with ESCP-P, we are able to restore the 25% of commercial capacity that we had diverted for the defense market, number one. Two, accelerate the satellites that we always knew the market would need. I would say lastly, just having more satellites in the constellation means more resiliency, more redundancy, better performance of the network. It was just a big win-win-win. Your next question comes from the line of Walter Piecyk from LightShed. Your line is live. Thanks. Hey, Dan. Just want to go to the expansion and specifically Falcon 9. Are these contracted? Because I know SpaceX has talked about stop taking third-party bookings beyond 2028. I assume that that expansion will go beyond 2028. I was just curious if these things are contracted and whether they have to be on Falcon 9, or are you going to look for other launch opportunities? To launch the 225 satellites, we estimate we need 15 rockets. We already had 14 under contract with SpaceX. We had sort of three, for lack of a better term, surplus rockets that we didn't need for the 156 satellites. But when we added the 69 satellites, we needed those three, so those got kind of brought forward, and then we needed one more. One more Falcon 9. We like using Falcon 9. Super reliable. Obviously, SpaceX launches at a very rapid cadence. We're very focused on getting the constellation deployed as quickly as possible, so that's the right launch vehicle for Lightspeed. We needed one more rocket, so we've been in touch with our friends at SpaceX. They've agreed to make that rocket available to us. We're getting the launch services agreement in place to do that. But I'd also note, it's our expectation that all of our launches for all 225 satellites will get done by the end of 2028. That's the plan. That's good to know you're locked and loaded. I know I've asked this question many times over the last couple of years, so I suspect I know the answer, but I'm just going to ask again because there's just a lot of talk in the market about SpaceX out looking for additional spectrum. There's companies out there that own spectrum. Their stocks are really moving. Any kind of, let's call it requests from potential customers for you to layer in additional spectrum to the satellites that you develop before you actually get these launches going? These first 225 satellites, we're done. By done, I mean the design's done, the hardware's been ordered, and satellites are already at MDA's new factory. We're going hard down the path. These are great satellites. With the right frequency plan with the military Ka- band, we feel really good about that. We don't have any scope at this point in time without taking some massive delay, which we will not do to make modifications to these 225 satellites. The ship has sailed on those f or future satellites. Our expectation is absolutely the Lightspeed constellation is going to grow over time. That'll be a response to demand that we're seeing out there in the market, but we're very bullish on that. We're already doing a fair amount of work around here as to what our next generation of Lightspeed satellites will look like. Could those accommodate other frequency bands, hosted payloads? Absolutely, b ut not these first 225 satellites. Your next question comes from the line of James Ratzer from New Street Research. Your line is now live. Yes, great. Dan, thanks very much for taking the question. I have a couple, please. The first one was just coming back, if we can, to the refinancing coming up. I think you mentioned you want it to be fair, balanced, and consensual. I was reading, though, the court document from July 27th, and that seemed to suggest that you might also be considering a Chapter 11 process as well. I was wondering if you could just respond to that. Is that something you are seriously thinking about at this stage as one outcome? Secondly, just coming onto the $120 million of new financing you have just received, can you just let us know where in the stack that ranks? Is it kind of pari passu with the senior debt or the unsecured? Just be interested to know where that sits in the stack. Many thanks. Okay. Thanks, James. The filing, I am not sure what you are referencing in terms of drawing a conclusion that we are entertaining a bankruptcy filing. That is not the case at all. Our focus is strongly-- Okay, clear. No, just to say, our focus is strongly on refinancing the debt prior to the maturities, achieving a consensual outcome. That is the focus. We are spending a lot of time and a lot of energy to achieve that outcome, number one. On the $120 million, where it fits in. Here again, on this call this morning, the plan is not to go into the weeds on that. As I said, we will share more information about that. We have said that the borrowings were made within a non-guarantor subsidiary of Telesat GEO. So, we are over there in the legacy debt silo. As I said also, the loan agreement will get filed and made available. For now, we will leave it at that. Got it. You cannot say, Dan, whether it was linked to the new C-band proceeds that you know you are going to be receiving, or is that something that is separate from the new debt you just raised? Yeah. You're right, I won't say. But I will note that obviously having that FCC order come out and tell us that being eligible for those proceeds subject to our meeting our obligations to clear that spectrum on time, that's obviously a very accretive development for the business. Got it. No, that's clear. Thank you very much. Thank you. Your next question comes from the line of Chris Quilty from Quilty Space. Your line is live. Thanks. Just a follow-up on the ESCP-P program. Is that going to require an incremental ground segment, or is that something that the existing Lightspeed ground segment you can sort of lease back to the customer? Just more broadly, where do you sit in terms of the ground segment build-out? I think you had had some past deliberations around bringing in outside financing or not for the ground segment. Where do you stand on that? Yeah. Chris, thanks. We're making really good progress on rolling out the ground segment, so we're talking about landing stations here. I'm looking at my technical colleague. At least three or four landing stations already under development here in Canada. We've been installing the big gateway antennas, doing testing. That's going well. We've announced that we've got some ground stations being built for us in Australia. We did the deal with Orange in France at their Bercenay-en-Othe teleport. That is being-- What's the word I'm looking for? Commissioned. Commissioned. Thank you, [Michelle]. Commissioned right now. So we're making really good progress there. We've been doing testing on the antennas, and we gave Intellian a big contract to build the landing station antennas, and so we've been commissioning those and doing the testing. That's all going very positively. As to working with third parties to support the landing stations, yeah, I would say absolutely that's something that we're receptive to, and it's something that we've always done. Even our geostationary, the ground stations around the world that support our GEO satellites. Some of those we own, including some in Canada, one in the U.S. But many of them we're relying on third-party teleports to provide the service with Lightspeed. By the way, this isn't unique to Telesat. It's what everyone does, including Amazon, Starlink, OneWeb, I believe, certainly SES. We all make use of third-party teleports. We might own some of the equipment that sits at those third-party teleports, so they kind of host that equipment for us and provide us a service. We're not thinking about it any differently with respect to Lightspeed. There's some real benefits if we work with third-party providers. We don't need to own teleports all over the world. That wouldn't be a good use, I think, of our capital or our time. We already are working with some third parties in Australia, Europe, I mentioned. We're having some conversations with folks in Asia because we need landing stations there too. We're receptive to doing something, I'd say broader, more comprehensive with one or more third parties, if that's something that would accelerate our rollout, if that were financially accretive. Always, of course, provided that they can provide the mission-critical services we need and do it in a secure environment, given the nature of the traffic that we will be supporting on Lightspeed. Is that something that would likely happen this year or slipping out into next year? Well, we are rolling out landing stations. We have to support our upcoming launches. We have at least 8+ teleports landing stations under development, various stages right now. Some of them are already done. Some of them are in flight. We will be doing more, even over the course of this year. We expect to be able to share more information about our plans for that. Great. Thank you. Thank you. That concludes our question- and- answer session. I'd like to turn the call over to Dan Goldberg for closing remarks. Okay. Well, operator, thank you very much. Maybe I'd just say in sum, we're about 2/3 of the way through the year. We feel very good about how the business is performing, how we're executing. We reiterated our guidance for GEO. Last week, we announced the largest contract in Telesat's history with the ESCP-P contract. The pipeline for Lightspeed is very, very significant. We had CAD 5.6 billion of backlog at this point in time with Lightspeed. Between the further opportunities with ESCP-P, the other sovereign opportunities that we have, and commercial opportunities that we have in the pipeline, we are, I'd say, more bullish than ever about our prospects. The constellation is expanded, it's accelerated, it's fully funded. We have $500 million in contingency on support Lightspeed, which we're very focused on not needing to dip into. The GEO business actually is performing pretty well year- to- date. We actually grew our backlog in GEO this past quarter, which we haven't done for a while. I think that shows some of the resiliency around that business and improved cash flow visibility when we're able to grow it. Certainly, the announcement by the FCC recently on the C-band process and Telesat being eligible for $189 million of proceeds on the back of the $344 million in proceeds that we received from the earlier proceeding, which gives us confidence that we'll secure this $189 million. I think we end Q2 and head into the rest of the year really optimistic and bullish about where the business is going and our prospects. In any event, thank you all for joining us this morning, and we look forward to chatting with you when we issue our third-quarter numbers. Thank you, operator. This concludes today's meeting. You may now disconnect.