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Intelsat Jackson begins tender offer for $603.22 million of 11¼% notes
By Susanna Moon
Chicago, Sept. 19 - Intelsat SA said it subsidiary Intelsat Jackson Holdings SA began a cash tender offer for its outstanding $603.22 million principal amount of 11¼% senior notes due 2016.
In connection with the offer, Intelsat Jackson is also soliciting the consent of holders to amend the notes to eliminate substantially all of the restrictive covenants and events of default.
The company will pay a total purchase price of $1,044.50 for each $1,000 principal amount of notes tendered by midnight ET on Oct. 2, the consent date.
The total payment consists of the tender offer price of $1,014.50 plus a $30.00 premium per $1,000 of notes.
Holders who tender after the consent deadline will not receive the $30.00 consent fee.
The company also will pay accrued interest to but excluding the payment date, which will be Oct. 3 for notes tendered by the consent date and Oct. 18 for those tendered after the consent date.
The tender offer will end at midnight ET on Oct. 17.
Tendered notes may be withdrawn by the consent deadline.
Holders may not deliver consents without tendering their notes or tender their notes without delivering consents.
The offer and solicitation are conditioned on completion of financing for the offer as well as tenders of at least a majority of the outstanding notes outstanding by the consent date.
Morgan Stanley & Co. LLC (800 624-1808 or collect 212 761-1057) and Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-7249) are the joint dealer managers and joint solicitation agents. Global Bondholder Services Corp. at (866 470-3900 or collect 212 430-3774) is the information agent and the depositary.
Intelsat provides fixed satellite services and is based in Luxembourg.
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