Inmarsat plans another benchmark offering in debt markets this year

By Susanna Moon

Chicago, Aug. 31 – Inmarsat plc said it plans another benchmark offering in the debt capital markets this year, subject to market conditions.

Right now, Inmarsat is looking to repurchase its outstanding $287.7 million 1.75% convertibles due 2017 using proceeds of a new offering of $550 million convertible bonds due 2023 with a greenshoe of up to $50 million, according to a company announcement.

The new bonds will be issued as part of the group's ongoing plans to optimize financing costs and the group's debt maturity profile, the release noted.

Remaining proceeds of the new issue will be used to bolster Inmarsat's financial position and to “support its strategy of continued investment in innovation and the delivery of global mobile satellite service solutions, where Inmarsat continues to see opportunities for sustained profitable growth,” according to the press release.

The company said it reserves the right not to proceed with the new issue and with the concurrent repurchase if the company has not received, at the closing of the reverse bookbuilding, offers for at least 50% of the outstanding bonds.

Inmarsat is a London-based satellite telecommunications company.

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