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PanAmSat launches $150 million term loan
By Sara Rosenberg
New York, Jan. 17 - PanAmSat Holding Corp. held a conference call on Thursday to launch a $150 million term loan, along with amendments to its credit facility as well as Intelsat Ltd.'s credit facility, according to a market source.
Credit Suisse, Bank of America and Morgan Stanley are the lead banks on the deal.
The amendments would allow the credit facilities to remain in place following the purchase of Intelsat, who merged with PanAmSat in 2006, by BC Partners, the source said.
Proceeds from the new term loan are being used to redeem a $150 million issue of 6 3/8% senior notes.
BC Partners is buying about 76% of the primary ownership of Intelsat. The current shareholders of Intelsat, including funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners, Permira and management, are expected to receive upon closing $4.6 billion in cash, and will continue to hold about 24% of the primary ownership in the company.
Intelsat is a Pembroke, Bermuda, satellite company.
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