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[Satellite TODAY 04-13-12] Intelsat will offer to sell $800 million in the company’s 7.25 percent interest senior debt that is due in 2020, the operator announced April 12.
Intelsat said the net proceeds from the sale of the notes will be used by its investment division Intelsat Jackson to purchase up to $310 million in aggregate principal amount of its $701.9 million outstanding 9.5 percent interest senior debt and up to $470 million of its $1 billion outstanding 11.25 percent interest senior debt both due in 2016.
The operator also will use some proceeds to pay related fees and expenses and for general corporate purposes.
“Upon the pricing of the Intelsat Jackson notes offering, Intelsat expects to obtain agreements from certain financial institutions to provide unsecured term loan commitments sufficient to refinance in full its 6.5 percent senior notes due in 2013 on or immediately prior to their maturity date,” Intelsat said in a company statement. “These term loans will have a maturity of two years and the funding thereof is subject to various terms and conditions.”
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