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Moody's rates Intelsat loan B2, notes Caa1
Moody's Investors Service said it assigned a B2 rating to Intelsat (Bermuda) Ltd.'s proposed $1 billion of senior unsecured term loan and a Caa1 rating to Intelsat Bermuda's proposed $600 million senior unsecured notes.
The proceeds from the new notes and the term loan will be used to fund the repurchase of Intelsat Subsidiary Holding Co., Ltd's $1 billion of floating-rate notes due 2012 and Intelsat Bermuda's $600 million senior unsecured term loan, Moody's said.
The agency added that it has affirmed Intelsat's existing ratings, as the ratings agency believes that the company's total debt will not change as a result of the proposed transaction, which will have minimal cash flow impact on the company.
Intelsat's B2 corporate family rating broadly reflects the company's high leverage and the execution risk of combining Intelsat and PanAmSat, Moody's said.
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