Telesat Canada announces that it has called for redemption of all of its Series 2001 Notes



    OTTAWA, Oct. 31 /CNW/ - Telesat Canada announced today that it has called
for redemption of all of its $125,000,000 principal amount of outstanding 8.2%
Series 2001 Notes which mature on November 7, 2008.
    The Notes will be redeemed on November 30, 2007 at a price equal to the
Canada Yield Price, together with accrued and unpaid interest to November 30,
2008.
    For this purpose, the "Canada Yield Price" means the price calculated to
provide a yield to maturity equal to the sum of the Government of Canada Yield
calculated as at November 27, 2007 and 0.50%, and "Government of Canada Yield"
means the average of the yields to maturity on November 27, 2007, compounded
semi-annually, which an assumed new issue of non-callable Government of Canada
bonds denominated in Canadian dollars would carry if issued in Canada, at 100%
of the principal amount on such date, with a term to maturity equal to the
remaining term to maturity of the Notes, quoted at 10:00 a.m. (ET) by any two
of CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial
Inc., RBC Dominion Securities Inc., or their successors, as selected by the
Company.

    About Telesat (www.telesat.com)

    Headquartered in Ottawa, Canada, with offices and facilities around the
world, Telesat is the fourth largest fixed satellite services operator. The
company provides reliable and secure satellite-delivered communications
solutions to broadcast, telecom, corporate and government customers. Telesat
has a global state-of-the-art fleet of 12 satellites and three additional
satellites under construction, and manages the operations of 13 additional
satellites for third parties. Telesat is privately held. Its principal
shareholders are Canada's Public Sector Pension Investment Board and Loral
Space & Communications Inc. (NASDAQ:   LORL).




For further information:

For further information: Ted Ignacy, Telesat Canada, (613) 748-0123; Dan
Tisch or Kyla Thoms (media only), Argyle Communications, (416) 968-7311, ext
223 or 237, dtisch@argylecommunications.com, kthoms@argylecommunications.com

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TELESAT CANADA

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