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PanAmSat gets tenders for 99.65% of 10 3/8% notes
By Jennifer Chiou
New York, July 3 - PanAmSat Holding Corp. announced it received tenders from holders of $414.53 million or 99.65% of its $416 million principal amount at maturity of 10 3/8% senior discount notes due 2014.
The tender offer ended at 9 a.m. ET on July 3, previously pushed back from midnight ET on June 30 and before that at midnight ET on June 26.
At the consent deadline of 10 a.m. ET on June 14, the company said holders of $371.1 million or 89.2% of the notes had tendered their securities. The company previously said it executed a supplemental indenture after receiving the required consents.
The consent deadline had been pushed back from 5 p.m. ET on June 12.
For each $1,000 principal amount at maturity of notes, holders will receive $739.19 or 103.5% of the accreted value of the notes on June 30, up from $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 holdings before the consent deadline, the company said it will make a $17.86 consent payment, up from $7.13.
At 5 p.m. ET on June 12, holders of $177.5 million principal amount at maturity of notes had tendered their securities. The figure represents 42.7% of the notes.
The offer began on May 30.
The Wilton, Conn.-based satellite company solicited consents to amend the note indenture, eliminating restrictive covenants and certain events of default.
The company sought 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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