Moody's: Intelsat unchanged after add-on

Moody's Investors Service said Intelsat Jackson Holdings SA's proposed issuance of $700 million 8.5% senior unsecured notes due 2024 will not affect the company's credit ratings.

The additional notes are being offered as an add-on to Intelsat Jackson Holdings' existing $2.25 billion 8.5% senior unsecured notes due 2024.

Since the proceeds will refinance $700 million of the company's existing $1.15 billion outstanding senior unsecured notes due April 2021, the transaction is credit neutral and has no impact on Intelsat (Luxembourg) SA's ratings, Moody's said.

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