Inmarsat to price $1 billion eight-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., May 20 - Inmarsat Finance plc plans to price a $1 billion offering of eight-year senior notes on Tuesday following a mid-morning conference call with investors, according to a syndicate source.

Credit Suisse Securities (USA) LLC and Barclays are the global coordinators.

Credit Agricole CIB, RBC Capital Markets and RBS Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The London-based satellite telecommunications company plans to use the proceeds to refinance its 7 3/8% senior notes and for general corporate purposes.

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