New Issue: Inmarsat sells $375 million 8.5-year notes to yield 7 5/8%

By Paul A. Harris

St. Louis, Jan. 27 - Inmarsat Finance plc sold $375 million of senior notes due June 30, 2012 (B2/B) Tuesday at par to yield 7 5/8%, a syndicate source said.

Price talk was 7¾% to 8%.

Credit Suisse First Boston, Barclays Capital and Royal Bank of Scotland were joint bookrunners on the Rule 144A issue.

Proceeds will be used to help fund the acquisition of Inmarsat by Apax and Permira for $1.538 billion.

Inmarsat is a London-based global satellite communications services company.

Issuer:	Inmarsat Finance plc
Amount:	$375 million
Maturity:	June 30, 2012
Security description:	Senior notes
Bookrunners:	Credit Suisse First Boston, Barclays Capital, Royal Bank of Scotland
Coupon:	7 5/8%
Price:	Par
Yield:	7 5/8%
Spread:	367 basis points over the 4 3/8% Treasuries due August 2012
Call features:	Callable after March 1, 2008 at 103.813, 102.542, 101.271, par on March 1, 2011 and thereafter
Equity clawback:	Until March 1, 2007 at 107.625 for up to 35%
Pricing date:	Jan. 27
Settlement date:	Feb. 3 (T+5)
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	7¾%-8%
Interest payment dates:	March 1 and Sept. 1, commencing Sept. 1

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