S&P affirms Inmarsat

Standard & Poor's said it affirmed the BB+ rating on the senior unsecured notes due 2017 issued by Inmarsat Finance plc, an indirect subsidiary of Inmarsat Holdings Ltd.

The recovery rating on the senior unsecured notes remains unchanged at 4.

The affirmation follows news of a proposed $200 million tap issuance to the existing $650 million senior unsecured notes issued by Inmarsat Finance.

The proceeds will be used for general corporate purposes.

The new notes are expected to be issued on an unsecured basis, but will benefit from the same guarantees as the existing notes. These guarantees are provided on a senior basis by Inmarsat Group Ltd. and on a senior subordinated basis by Inmarsat Investments Ltd. and certain of its subsidiaries.

S&P said it values Inmarsat on a going-concern basis, given the nature of the assets and high barriers to entry in the satellite communications industry.

However, the agency said it believes that recovery values are likely to be intrinsically linked to the value of the satellites.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.