Intelsat to price $1.5 billion eight-year notes on Wednesday

By Paul A. Harris

Portland, Ore., March 19 - Intelsat (Luxembourg) SA, a subsidiary of Intelsat SA, plans to price $1.5 billion of eight-year senior notes on Wednesday, according to a market source.

Goldman Sachs & Co., Morgan Stanley & Co. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S notes come with four years of call protection.

Proceeds will be used to redeem $915 million of the company's 11½%/12½% senior PIK election notes due 2017, as well as to redeem an additional $460 million of its 2017 PIK notes, and for general corporate purposes, which may include the repayment, redemption, retirement or repurchase of additional 2017 PIK notes or other outstanding debt of Intelsat Luxembourg and its subsidiaries.

The prospective issuer is a Luxembourg-based satellite services provider.

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