Intelsat Jackson to sell $1 billion senior notes in two tranches

By Paul A. Harris

St. Louis, June 27 - Intelsat Jackson Holdings Ltd. plans to price $1.011 billion of senior notes in two tranches on Monday, according to market sources.

The deal will include $309.2 million of 11½% notes due 2016 and $701.9 million of 9½% notes due 2016.

Credit Suisse, Banc of America Securities LLC and Morgan Stanley & Co. Inc. are leading the Rule 144A deal.

Proceeds, together with cash on hand, will be used to repay a portion of Intelsat Jackson's outstanding 11¼% senior notes due 2016 and its 9¼% senior notes due 2016.

A portion of the outstanding notes have been tendered to Intelsat Jackson in connection with the change-of-control offer conducted by Intelsat Jackson related to the acquisition of Intelsat Holdings, Ltd., the indirect parent of Intelsat, Ltd., by an entity formed by funds advised by BC Partners Holdings Ltd., Silver Lake Partners and other equity investors.

On June 24, Intelsat Subsidiary Holding Co., Ltd., Intelsat (Bermuda), Ltd. and Intelsat Intermediate Holding Co., Ltd. combined to price $7.08 billion of notes in five tranches.

Intelsat Jackson Holdings is a subsidiary of Intelsat, Ltd., a provider of fixed satellite services based in Pembroke, Bermuda.

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