Inmarsat holders tender $412.05 million 7 3/8% notes by early deadline

By Angela McDaniels

Tacoma, Wash., June 4 - Inmarsat plc subsidiary Inmarsat Finance plc had received tenders for $412,051,000 principal amount, or 48.48%, of its $850 million 7 3/8% senior notes due 2017 as of 5 p.m. ET on June 3, according to a company press release.

A tender offer for the notes began on May 20 and will expire at 11:59 p.m. ET on June 17.

The company will pay 104.05% of par. This includes a 3% early tender premium for notes tendered by the early tender date, 5 p.m. ET on June 3.

In addition, the company will pay accrued interest up to but excluding the applicable settlement date, which was June 4 for notes tendered by the early tender date and will be June 18 for notes tendered after the early tender date but prior to the offer expiration.

Notes not tendered in the offer will be redeemed at 103.688% of par plus accrued interest. The redemption date will be July 4, with payment to occur on July 7.

The tender offer's financing condition was satisfied on June 4, when Inmarsat Finance's $1 billion new issue of 4.875% senior notes due 2022 settled.

Credit Suisse Securities (USA) LLC is the dealer manager, and D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 488-8095 for all others) is the information and tender agent.

Inmarsat is a London-based satellite telecommunications company.

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