Inmarsat starts consent solicitation

New York, April 20 - Inmarsat Group Ltd. said it has started soliciting consents from holders of the $477.5 million of 7 5/8% senior notes due 2012 issued by Inmarsat Finance plc and the 10 3/8% senior discount notes due 2012 issued by Inmarsat Finance II plc.

The London-based satellite operator said the solicitation is to allow a possible public offering of ordinary shares by Inmarsat Group Holdings Ltd. and the expected dividend policy.

The solicitation is to amend the note indenture.

If the solicitation is successful, holders of the 7 5/8% notes who consent will receive a fee of $20 per $1,000 principal amount while holders of the 10 3/8% notes will receive a fee of $25 per $1,000 principal amount.

Consents are required from holders of at least a majority of each series of notes.

The solicitation ends at 5 p.m. ET on May 5.

Inmarsat said that on closing of the equity offering it would redeem 35% of the 7 5/8% notes at a price of 107.625.

Credit Suisse First Boston is solicitation agent.

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