S&P gives Intelsat notes CCC+

Standard & Poor's said it assigned its CCC+ issue-level rating and 6 recovery rating to the proposed issuance of $1.5 billion of senior notes due 2021 by Intelsat (Luxembourg) SA, an indirect subsidiary of Intelsat Global Holdings SA.

S&P said it expects the company to use net proceeds from the proposed offering to redeem a portion of its 11½%/12½% senior payment-in-kind notes due 2017.

The company expects to use the remaining note proceeds to redeem an additional $460 million of the PIK notes and for general corporate purposes.

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