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PanAmSat again prolongs tender for 10 3/8% notes
By Jennifer Chiou
New York, June 30 - PanAmSat Holding Corp. announced another extension of its tender offer for its $416 million principal amount at maturity of 10 3/8% senior discount notes due 2014, this time to 9 a.m. ET on July 3 from midnight ET on June 30.
The tender offer was previously set to expire at midnight ET on June 26.
As of 9 a.m. ET on June 30, holders tendered $414.5 million or 99.6% of the notes.
At the consent deadline of 10 a.m. ET on June 14, the company said holders of $371.1 million or 89.2% of the notes had tendered their securities. The company previously said it executed a supplemental indenture after receiving the necessary consents.
The consent deadline had been pushed back from 5 p.m. ET on June 12.
For each $1,000 principal amount at maturity of notes, holders will receive $739.19 or 103.5% of the accreted value of the notes on June 30, up from $720.12, which represents 101% of the accreted value as of June 26. The accreted amount of the notes as of June 26, the expiration date, will be $296.6 million.
For those who tendered their holdings before the consent deadline, the company said it will make a $17.86 consent payment, up from $7.13.
At 5 p.m. ET on June 12, holders of $177.5 million principal amount at maturity of notes had tendered their securities. The figure represents 42.7% of the notes.
The offer began on May 30.
The Wilton, Conn.-based satellite company is soliciting consents to amend the note indenture, elimination restrictive covenants and certain events of default.
The company is seeking tenders from holders of a majority of the notes and the offer is conditioned upon the consummation of the acquisition of PanAmSat by Intelsat (Bermuda), Ltd. as well as funding.
Deutsche Bank Securities Inc. is the dealer manager and the solicitation agent (call collect 212 250-5655).
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