Intelsat marketing $200 million notes mirroring 8 7/8% 2015 notes via Goldman Sachs

By Paul A. Harris

St. Louis, Jan. 27 - Intelsat Subsidiary Holding Co. Ltd. held an investor call on Tuesday afternoon for its $200 million offering of notes mirroring the company's 8 7/8% senior notes due Jan. 15, 2015, according to an informed source.

The deal is expected to price late Wednesday or early Thursday.

Moody's Investors Service assigned its B3 rating to the existing notes. Standard & Poor's rates the existing notes BB-.

Goldman Sachs & Co. is the bookrunner for the Rule 144A and Regulation S with registration rights offering. Credit Suisse and Morgan Stanley & Co. Inc. are co-managers.

Proceeds will be used to fund the tender for $200 million of Intelsat's outstanding 7 5/8% senior notes due 2012 and its 6½% senior notes due 2013.

The original $681.012 million of 8 7/8% senior notes due January 2015 was priced at par on June 24, 2008.

Intelsat is a Pembroke, Bermuda-based fixed satellite services provider.

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