Intelsat launches change-of-control offer for 9¼%, 11¼% notes

By Laura Lutz

Des Moines, May 2 - Intelsat, Ltd. announced that its subsidiary Intelsat Jackson Holdings, Ltd. is conducting a cash change-of-control offer for all of its outstanding 9¼% senior notes due 2016 and 11¼% senior notes due 2016.

The company is offering cash equal to 101% of the principal amount for both series of notes.

Intelsat Jackson is also offering to prepay the loans outstanding under its $1 billion senior unsecured credit agreement, also at 101% of the principal amount.

The change-of-control offer for the notes will expire at 5 p.m. ET on June 26. The offer for the credit agreement will expire at noon ET on June 30. Both offers will have a settlement date of July 1.

Under the terms of the notes and the credit agreement, Intelsat Jackson is required to make these offers because of the acquisition of Intelsat Holdings, Ltd., the indirect parent of Intelsat, Ltd., by Intelsat Global Subsidiary, Ltd. (formerly known as Serafina Acquisition Ltd.), a subsidiary of Intelsat Global, Ltd. (formerly known as Serafina Holdings Ltd.), an entity formed by funds advised by BC Partners Holdings Ltd., Silver Lake Partners and other equity investors.

Wells Fargo Bank, NA is the depositary for the offer for the notes. Bank of America, NA is the administrative agent for the offer for the credit agreement.

Intelsat is a Pembroke, Bermuda-based provider of fixed satellite services.

© 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.