New Issue: Inmarsat prices $1 billion 4 7/8% eight-year notes to yield 5%

By Paul A. Harris

Portland, Ore., May 20 - Inmarsat Finance plc priced a $1 billion issue of 4 7/8% eight-year senior notes (Ba2/BB+/) at 99.191 to yield 5% on Tuesday, according to a syndicate source.

The yield printed at the wide end of the 4 7/8% to 5% yield talk.

Credit Suisse Securities (USA) LLC and Barclays were the global coordinators for the quick-to-market transaction.

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

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

Issuer:	Inmarsat Finance plc
Face amount:	$1 billion
Proceeds:	$991,190,000
Maturity:	May 15, 2022
Securities:	Senior notes
Global coordinators:	Credit Suisse Securities (USA) LLC, Barclays
Bookrunners:	Credit Agricole CIB, RBC Capital Markets, RBS Securities Inc.
Coupon:	4 7/8%
Price:	99.191
Yield:	5%
Spread:	275 bps
First call:	May 15, 2017 at 103.656
Equity clawback:	35% at 104.875 until May 15, 2017
Trade date:	May 20
Settlement date:	June 4
Ratings:	Moody's: Ba2
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S for life
Price talk:	4 7/8% to 5%
Marketing:	Quick to market

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