New Issue: Inmarsat prices $105 million proceeds 7 5/8% notes add-on at 102.5

By Paul A. Harris

St. Louis, April 23 - Inmarsat Finance plc priced a $105 million proceeds add-on to its 7 5/8% senior notes due June 30, 2012 (B2/B) at 102.5 on Friday for a 7.151% yield to worst, a syndicate source said.

Price talk was 102.5.

Credit Suisse First Boston ran the books for the Rule 144A add-on. Barclays Capital and The Royal Bank of Scotland were co-managers.

Proceeds will be used to fund a dividend payment.

The issuer is a London-based global satellite communications services company.

The original $375 million issue priced at par on Jan. 27, 2004.

Issuer:	Inmarsat Finance plc
Face amount:	$102.5 million
Proceeds:	$105,062,500.00
Maturity:	June 30, 2012
Security description:	Add-on to 7 5/8% senior notes
Bookrunner:	Credit Suisse First Boston
Co-managers:	Barclays Capital, The Royal Bank of Scotland
Coupon:	7 5/8%
Price:	102.5
Yield to worst:	7.151%
Spread:	324 basis points
Call features:	Callable after March 1, 2008 at 103.813, 102.542, 101.271, par on or after March 1, 2011
Equity clawback:	For 35% at 107.625 until March 1, 2007
Pricing date:	April 23
Settlement date:	April 30, 2004 with accrued interest
Ratings:	Moody's: B2
	Standard & Poor's: B

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