Intelsat driving by with $2.64 billion two-part note offering Tuesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., May 21 - Intelsat Jackson Holdings SA is expected to hit Tuesday's market with $2,635,000,000 of notes in two parts, according to a market source.

An investor call is scheduled for 11 a.m. ET.

The company is planning $2 billion guaranteed senior notes due 2023 (ratings to be determined), which will be non-callable for five years.

There is also a planned $635 million tack-on to Intelsat's existing 6 5/8% non-guaranteed senior notes due Dec. 15, 2022 (Caa1/CCC+), which will be callable on Dec. 15, 2017 at 103.31.

The original $640 million issue priced at par on Sept. 19, 2012.

Credit Suisse Securities (USA) LLC, Barclays, BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. and Deutsche Bank Securities Inc. are the joint bookrunners.

Both parts of the Rule 144A and Regulation S with registration rights notes feature feature 101% poison puts.

Proceeds will be used to refinance the Intelsat 11¼% Luxembourg notes due 2017 and Intelsat Jackson unsecured term loans due 2014.

Intelsat Jackson is a fixed satellite services provider based in Luxembourg.

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