Intelsat buys back more than $2.77 billion of notes under change-of-control offer

By Angela McDaniels

Tacoma, Wash., May 6 - Intelsat Corp. repurchased $651.6 million of its 9% senior notes due 2014 and $574.97 million of its 9% senior notes due 2016 on Friday, according to an 8-K filing with the Securities and Exchange Commission.

In addition, Intelsat Subsidiary Holding Co., Ltd. repurchased $874.6 million of its 8¼% senior notes due 2013 and $674.27 million of its 8 5/8% senior notes due 2015.

The notes were repurchased for 101% of par plus accrued interest under a change-of-control tender offer that ended on April 29.

The offer began on March 5 in connection with the acquisition of indirect parent company Intelsat Holdings, Ltd. by funds advised by BC Partners Holdings Ltd., Silver Lake Partners and other equity investors on Feb. 4.

The companies said they used proceeds from new term loans to fund the tender offer.

As previously reported, Intelsat Intermediate Holding Co., Ltd. is holding a change-of-control tender offer for its 9¼% senior discount notes due 2014 that ends on May 29. Holders will receive 101% of the notes' accreted value.

Additionally, Intelsat Jackson Holdings, Ltd. is holding a change-of-control tender offer for its 9¼% senior notes due 2016 and 11¼% senior notes due 2016 that ends on June 26. Holders will receive 101% of par.

Intelsat is a Pembroke, Bermuda, satellite company.

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