PanAmSat tenders for any and all 10 3/8% notes

By Jennifer Chiou

New York, May 30 - PanAmSat Holding Corp. announced the start of a tender offer and consent solicitation for any and all of its $416 million principal amount at maturity of 10 3/8% senior discount notes due 2014.

For each $1,000 principal amount at maturity of notes, holders will receive $720.12, which represents 101% of the accreted value as of June 26. The accreted amount of the notes as of June 26, the expiration date, will be $296.6 million.

For those who tender their holding before the consent deadline, the company said it will make a $7.13 consent payment.

The consent solicitation expires at 5 p.m. ET on June 12 and the purchase offer ends at midnight ET on June 26.

The Wilton, Conn.-based satellite company is soliciting consents to amend the note indenture, elimination restrictive covenants and certain events of default.

The company is seeking tenders from holders of a majority of the notes and the offer is conditioned upon the consummation of the acquisition of PanAmSat by Intelsat (Bermuda), Ltd. as well as funding.

Deutsche Bank Securities Inc. is the dealer manager and the solicitation agent (call collect 212 250-5655).

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