Inmarsat ups consent payment, again extends consent solicitation

New York, May 10 - Inmarsat Group Ltd. said it has increased the consent payment on offer in its solicitation of 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.

It also extended the expiration date to 5 p.m. ET on May 13 from 5 p.m. ET on May 11.

The consent fee is now $50 per $1,000 for both series of notes, up from $20 for the 7 5/8% notes and $25 for the 10 3/8% notes.

The London-based satellite operator announced the solicitation on April 20, saying it was to amend the note indenture to allow a possible public offering of ordinary shares by Inmarsat Group Holdings Ltd. and the expected dividend policy.

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

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.

The solicitation was previously extended on the original terms on May 5.

Credit Suisse First Boston is solicitation agent.

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