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Intelsat completes tender offers for 9½% notes and 11¼% notes
By Jennifer Chiou
New York, May 10 - Intelsat SA subsidiary Intelsat Jackson Holdings SA received additional tenders from holders of $1,502,000 of its 9½% senior notes due 2016 and none of its 11¼% senior notes due 2016 after the early deadline, according to an 8-K filing with the Securities and Exchange Commission.
The tender offers ended at midnight ET on May 9.
At the early consent deadline of 5 p.m. ET on April 25, holders had tendered $48,042,000, or 6.84%, of its $701,913,000 of outstanding 9½% notes and $10,059,000, or 0.96%, of its $1,048,220,000 of outstanding 11¼% notes. Those early tenders were settled on April 26.
As announced, the company was offering to buy all the 9¼% notes and up to $470 million of the 11¼% notes.
Intelsat paid the consent premium of $30.00 per $1,000 principal amount to all holders who tendered, not just those who tendered by the consent deadline.
For each $1,000 principal amount, the total purchase price was $1,039.17 for the 9½% notes and $1,045.50 for the 11¼% notes.
Holders who tendered after the early deadline would originally have received the base payment of $1,009.17 per $1,000 of 9½% notes and $1,015.50 per $1,000 of 11¼% notes.
The company also paid accrued interest to the settlement date.
Each offer was conditioned on Intelsat Jackson receiving enough funds to fund the offer.
As noted, the subsidiary priced an upsized $1.2 billion add-on to its 7¼% senior notes due Oct. 15, 2020 on April 12. The offering was upsized from $800 million.
Before the offering was upsized, the tender offer for the 9½% notes had been subject to a $310 million cap.
Goldman, Sachs & Co. (800 828-3182 or collect 212 357-0345) was the dealer manager. Global Bondholder Services Corp. (866 470-3900 or collect 212 430-3774) was the information agent.
Intelsat provides fixed satellite services and is based in Luxembourg. It announced and then upsized the tender offer on April 12.
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