Intelsat calls all 7 5/8% notes; subsidiary to redeem some 8½% notes

By Susanna Moon

Chicago, Feb. 16 - Intelsat SA said it plans to redeem all $485,841,000 principal amount outstanding of its 7 5/8% senior notes due 2012 and that its subsidiary Intelsat Subsidiary Holding Co. SA plans to redeem $225 million principal amount of its 8½% senior notes due 2013.

The company will pay par for the 8½% notes and will set the redemption price for the 7 5/8% notes based on the terms of the indenture.

The companies also will pay accrued interest to the redemption date of March 18.

After the redemption, about $625 million principal amount of the 8½% notes will be outstanding.

The redemptions will be funded with cash on hand, primarily from the excess proceeds of the debt refinancing transactions entered into by Intelsat Jackson Holdings SA in September and January.

The issuer is a Pembroke, Bermuda-based provider of fixed satellite services.

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