Intelsat tenders for 9¼% notes due 2014, 6 7/8% debentures due 2028

By Devika Patel

Knoxville, Tenn., Sept. 16 - Intelsat SA announced that its subsidiary, Intelsat Corp., has launched a cash tender offer to purchase any and all of its $658.1 million in 9¼% senior notes due 2014 and its $125 million in 6 7/8% senior secured debentures due 2028.

In connection with the tender offer, Intelsat is also soliciting consents to amend the securities' indentures and eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions.

The offer will expire at 11:59 p.m. ET on Oct. 14.

The company will pay $1,035 per $1,000 in 9¼% notes, which includes a $30 consent payment for notes tendered prior to the consent time of 5 p.m. ET on Sept. 29.

Intelsat will pay $1,200 per $1,000 in 6 7/8% notes, which includes a $40 consent payment for notes tendered prior to the consent time.

Investors will also receive accrued interest from the last interest payment date to, but not including, the purchase date.

For the 9¼% notes, Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the information agent.

For the 6 7/8% notes, Deutsche Bank Securities Inc. (212 250-5655) is the dealer manager and solicitation agent. Global Bondholder Services is the information agent.

Intelsat is a Pembroke, Bermuda-based provider of fixed satellite services.

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