PanAmSat prepays $350 million of bank debt

By Sara Rosenberg

New York, Aug. 8 - PanAmSat Corp. used cash on hand to make an optional prepayment of $350 million under its $1.25 billion credit facility during July.

The prepayment was applied pro rata against the term loan A and the term loan B. As a result, as of July 14, the term loan A had $195 million outstanding and the term loan B had $455 million outstanding, according to a filing with the Securities and Exchange Commission.

In February 2002 PanAmSat entered the credit facility, which consists of a $250 million revolver with an interest rate of Libor plus 275 basis points due 2007, a $300 million term loan A with an interest rate of Libor plus 275 basis points due 2007 and a $700 million term loan B with an interest rate of Libor plus 350 basis points due 2008. The revolver, which was undrawn at June 30, has a 50 basis points commitment fee.

PanAmSat is a Wilton, Conn. provider of global satellite-based communications services.

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