Intelsat eyes tender for 7¼% notes due 2020 via $2 billion new issue

By Susanna Moon

Chicago, Sept. 5 – Intelsat SA said subsidiary Intelsat Jackson Holdings SA expects to begin a tender offer for its 7¼% senior notes due 2020.

The tender offer will be held in connection with Intelsat Jackson’s plans to price $2 billion principal amount of senior notes due 2024 under Rule 144A and Regulation S, and the tender is contingent on issue of the new notes, according to a company announcement.

At the same time that it begins the tender offer, Intelsat Jackson expects to issue a conditional notice to redeem the 2020 notes on Oct. 15, the release said.

Remaining new issue proceeds are expected to be used for general corporate purposes, including the redemption or repurchase of some of Intelsat Jackson’s outstanding 7½% senior notes due 2021 and other debt of Intelsat Jackson.

Intelsat is a Luxembourg-based communications satellite services provider.

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