Intelsat Commences Exchange Offer
Intelsat began Thursday an offer to exchange its 5 1/4 percent senior notes due 2008 and its 6 1/2 percent senior notes due 2013 for an equal amount of newly issued 5 1/4 percent senior notes due 2008 and 6 1/2 percent senior notes due 2013, respectively. The new notes have substantially the same terms as the original notes, except that the new notes have been registered under the Securities Act and will be freely tradeable.
Intelsat will accept for exchange any and all original notes validly tendered and not withdrawn prior to 5:00 p.m. EST on Jan. 22, unless the deadline is extended. Tenders of original notes may be withdrawn at any time prior to 5:00 p.m. EST on the expiration date.