Intelsat and PanAmSat launch term loan repricings

By Sara Rosenberg

New York, Jan. 8 - Intelsat Ltd. and PanAmSat Holding Corp. held a conference call on Monday afternoon to launch repricings of their term loan debt, according to a market source.

Citigroup is the lead bank on the repricings.

Under the proposal, Intelsat is looking to reprice its term loan B at Libor plus 200 basis points from current pricing of Libor plus 225 bps, the source said.

Meanwhile, PanAmSat is looking to reprice its term loan A at Libor plus 200 bps from Libor plus 212.5 bps and its term loan B at Libor plus 200 bps from Libor plus 250 bps, the source added.

Consents are due Jan. 17.

These repricings were launched separately from Intelsat's $1 billion senior unsecured term loan conference call that also took place Monday. The seven-year term loan is being talked at Libor plus 300 bps with an original issue discount of 99.5 and is being led by Bank of America, Deutsche Bank, Credit Suisse and Morgan Stanley. Proceeds will be used to fund the redemption of Intelsat Subsidiary Holding Co., Ltd.'s $1 billion floating-rate senior notes due 2012.

Intelsat is a Pembroke, Bermuda, satellite company. PanAmSat is a Wilton, Conn., satellite company. The two companies merged in 2006.

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