New York, July 1 – Intelsat SA released details on the placement of $490 million of 9˝% senior secured notes due 2022 by its Intelsat Jackson Holdings SA subsidiary.
As previously reported, the new notes priced on June 30 at 98% of par and settled the same day.
Guggenheim Securities, LLC was placement agent for the notes, which were sold via a purchase agreement with institutional investors.
Proceeds from the new notes will be used to fund the company’s previously announced tender offers.
Intelsat will be required to redeem any proceeds not used to fund the tender offers by the earlier of July 29 and five days after expiration or termination of tender offer. The special call will be at par.
Otherwise the notes have a make-whole call at Treasuries plus 50 basis points.
At the time it announced the new financing, Intelsat also said that Intelsat Jackson again amended and extended its tender offer to purchase three series of notes.
This time, Intelsat Jackson also reduced the maximum payment amount, excluding accrued interest, to $463 million from $625 million.
The tender offer will now continue until 11:59 p.m. ET on July 14, which also will be the revised early tender date. The offers began on May 12 and have been extended multiple times.
Intelsat SA is a Luxembourg-based provider of satellite services that operates out of McLean, Va.
| Issuer: | Intelsat Jackson Holdings SA (Intelsat SA)
|
| Issue: | Senior secured notes
|
| Amount: | $490 million
|
| Maturity: | Sept. 30, 2022
|
| Coupon: | 9˝%
|
| Price: | 98
|
| Special call: | At par for any proceeds not used to fund tender offer by earlier of July 29 and five days after expiration or termination of tender offer
|
| Call: | Make-whole call at Treasuries plus 50 bps at any time
|
| Distribution: | Private placement
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| Placement agent: | Guggenheim Securities, LLC
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| Pricing date: | June 30
|
| Settlement date: | June 30
|
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