New Issue: Intelsat sells upsized $1.2 billion tap of 7¼% notes due 2020 at 101.75

By Paul A. Harris

Portland, Ore., April 12 - Intelsat Jackson Holdings, SA priced a massively upsized $1.2 billion add-on to its 7¼% senior notes due Oct. 15, 2020 (B3/B/) at 101.75 on Thursday, according to an informed source.

The reoffer price came within guidance of 101.25 to 102.25.

Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the joint bookrunners for the quick-to-market add-on, which was upsized from $800 million.

The Pembroke, Bermuda-based provider of fixed satellite services plans to use the proceeds to purchase up to $470 million of the outstanding Intelsat Jackson notes due 2016 and any and all of the outstanding guaranteed notes due 2016.

Issuer:	Intelsat Jackson Holdings, SA
Face amount:	$1.2 billion, increased from $800 million
Proceeds:	$1.221 billion
Maturity:	Oct. 15, 2020
Security description:	Add-on to 7¼% senior notes due Oct. 15, 2020
Bookrunners:	Goldman Sachs & Co., Morgan Stanley & Co. LLC
Coupon:	7¼%
Price:	101.75
Yield to worst:	6.909%
Spread:	517 bps
Call features:	Callable on Oct. 15, 2015 at 103.625, 102.417, 101.208, par on and after Oct. 15, 2018
Equity clawback:	35% at 107.25 until Oct. 15, 2013
Trade date:	April 12
Settlement date:	April 26 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	101.25 to 102.25
Marketing:	Quick to market
Original issue:	$1 billion priced at par in September 2010
Total issue size:	$2.2 billion

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