Intelsat announced Wednesday its intention to conduct a long-awaited initial public offering of its ordinary shares, which is expected to raise $500 million. Intelsat’s current shareholders will be given the opportunity to sell ordinary shares in the offering. The IPO is expected to be held on or before June 30. A registration statement will be filed with the U.S. Securities and Exchange Commission in the first quarter of 2004. The purposes of the IPO are to raise money to repay outstanding debt and for general corporate purposes, as well as to comply with the Open-Market Reorganization for the Betterment of International Telecommunications Act.

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