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S&P rates Intelsat Jackson notes CCC+
Standard & Poor's said it assigned a CCC+ rating and 6 recovery rating to Intelsat Jackson Holdings SA's proposed $640 million senior notes due 2022.
The 6 recovery rating indicates 0% to 10% expected recovery in a default.
The proposed notes will not be guaranteed by operating subsidiaries, S&P said.
Concurrent with this proposed issuance, Intelsat plans a tender offer for its Intelsat Jackson 11¼% senior notes due 2016, of which $603 million was outstanding as of June 30, the agency said.
These notes also are not guaranteed by operating subsidiaries.
The proceeds will be used to finance the tender.
S&P said it expects minimal change to its fully adjusted leverage, which was high, at 8.4x as of June 30. The proposed transactions, if completed, would not affect the financial risk assessment on Intelsat Global Holdings SA, which remains highly leveraged.
The B corporate credit rating and stable outlook also remain unchanged, the agency said.
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