Intelsat seeks unsecured term loan commitments for notes refinancing

By Sara Rosenberg

New York, April 12 - Intelsat SA anticipates getting commitments for an unsecured term loan that would be large enough to refinance in full its 6½% senior notes due 2013, according to a news release.

The term loan would have a tenor of two years and would only be used if the company does not retire the notes in some other fashion.

Commitments for the loan are expected to be obtained upon the pricing of $1.2 billion of 7¼% senior notes due 2020 by the company's subsidiary, Intelsat Jackson Holdings SA. The notes were upsized from $800 million.

Proceeds from the Intelsat Jackson notes will be used to fund tender offers for up to $310 million of its 9½% senior notes due 2016 and up to $470 million of its 11¼% senior notes due 2016.

The tender offers expire on May 9.

Intelsat is a Luxembourg-based provider of satellite services.

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