S&P rates Intelsat Jackson notes B

Standard & Poor's said it assigned its B issue-level rating and 4 recovery rating to Intelsat Jackson Holdings SA's proposed $2 billion senior guaranteed notes due 2023, to be issued at Intelsat Jackson.

The CCC+ issue-level rating and 6 recovery rating on Intelsat Jackson's 6 5/8% senior unguaranteed notes due 2022 remain unchanged following the company's announcement that it will issue a $635 million add-on to these notes, bringing the total amount outstanding to about $1.3 billion.

S&P said its expects the company to use proceeds from the proposed transactions to refinance its high coupon 11¼% senior notes due 2017 at Intelsat Luxembourg SA, as well as to refinance its existing senior unsecured credit facilities due 2014 at Intelsat Jackson, of which about $868 million is outstanding.

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