PanAmSat $1.01 billion 10-year notes talked to yield 8¼%-8½%, to price Friday

By Paul A. Harris

St. Louis, July 29 - Price talk on PanAmSat Corp.'s $1.01 billion offering of 10-year senior notes (B1/B+) is 8¼% to 8½%, a syndicate source said Thursday.

The deal is expected to price early Friday afternoon.

Credit Suisse First Boston and Citigroup are joint bookrunners. The co-managers are Bear Stearns and Lehman Brothers.

The notes will come with five years of call protection.

Proceeds will be used to fund the tender offers for two existing series of bonds as part of sale of PanAmSat to affiliates of Kohlberg Kravis Roberts & Co., The Carlyle Group and Providence Equity Partners Inc.

The prospective issuer is a Wilton, Conn.-based satellite communications company.

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