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Intelsat Announces Final Results of Exchange Offers by ICF

By | January 6, 2017
      Intelsat Headquarters

      Intelsat Headquarters. Photo: Intelsat

      [Via Satellite 01-06-2016] Intelsat has announced the final results for the two private offers to exchange certain outstanding notes of Intelsat, which were previously announced by its wholly owned subsidiary, Intelsat Connect Finance (ICF).

      On Dec. 7, 2016, ICF offered to exchange up to $217 million principal amount of outstanding 6.75 percent senior notes due 2018 of Intelsat Luxembourg (Lux Notes) and up to $624 million principal amount of outstanding 7.75 percent senior notes due 2021 of Intelsat Luxembourg for cash and newly issued 12.5 percent senior notes due 2022 of ICF.

      On Dec. 22, 2016, tenders from holders of approximately $167 million, or 35 percent, of the aggregate principal amount of outstanding 2018 Lux Notes (other than notes held in treasury by Intelsat Luxembourg and its affiliates) and tenders from holders of approximately $624 million, or 31 percent, of the aggregate principal amount of outstanding 2021 Lux Notes, were accepted for purchase in the exchange offers.

      After Dec. 22, 2016 and before the expiration of the exchange offers, ICF received tenders from holders of approximately $25,000, or 0.005 percent, of the aggregate principal amount of outstanding 2018 Lux Notes, and are expected to be accepted for purchase in the exchange offers. No additional 2021 Lux Notes will be accepted for purchase.

      ICF has tendered, or will tender, approximately $402 million principal amount of 2018 Lux Notes into Intelsat Luxembourg’s ongoing offer to exchange 2018 Lux Notes for newly issued 12.5 percent senior notes of Intelsat Luxembourg due 2024, comprised of all of the 2018 Lux Notes it has acquired, or will acquire, in the exchange offers, together with the approximately $210 million principal amount of 2018 Lux Notes it received in connection with certain private exchanges for ICF Notes and the $25 million principal amount of 2018 Lux Notes it held in treasury.