PanAmSat to hold conference call Tuesday for $455 million B loan

By Sara Rosenberg

New York, Oct. 2 - PanAmSat Corp. is scheduled to hold a conference call on Tuesday for a $455 million term loan B, according to a syndicate report. Credit Suisse First Boston is the sole lead arranger on the deal.

The seven-year term loan is priced with an interest rate of Libor plus 275 basis points and will be used to refinance existing debt.

PanAmSat obtained a $1.25 billion credit facility in 2002 consisting of a $250 million revolver due 2007, a $300 million term loan A due 2007 and a $700 million term loan B due 2008. At June 30, the revolver and term loan carried an interest rate of Libor plus 275 basis points and the term loan B carried an interest rate of Libor plus 350 basis points.

However, in July 2003 the company made a $350 million pre-payment on its bank debt, reducing the term loan A to $195 million and reducing the term loan B to $455 million, according to a filing with the Securities and Exchange Commission.

PanAmSat is a Wilton, Conn. provider of video, broadcasting and network services through satellites.

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