Inmarsat launches $265 million 1.75% convertible bonds due 2027 to yield 4.5%-5%, up 25%-30%

By Evan Weinberger

New York, Nov. 13 - Inmarsat plc launched $265 million in 1.75% convertible bonds due Nov. 16, 2027 talked to yield 4.5% to 5% with an initial conversion premium of 25% to 30% Tuesday. The convertibles are talked at a redemption price of 134.25% to 141.51%.

JPMorgan Cazenove and Lehman Brothers International (Europe) are joint bookrunners of the Regulation S transaction. There is a $25 million over-allotment option.

The convertibles are set to price Thursday or Friday.

The convertibles are callable in 2014 and there are put options in 2012 and 2014.

Inmarsat is a London-based mobile communications company. Inmarsat plans to use the proceeds to fund a loan that Inmarsat Finance III Ltd. agreed to give to CIP UK Holdings Ltd. CIP UK will then give the proceeds to CIP Canada Investment Inc. for its acquisition of Stratos Global Corp.

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