Intelsat Jackson withholds coupon payment on 8½% notes due 2024

By Marisa Wong

Los Angeles, April 15 – Intelsat SA subsidiary Intelsat Jackson Holdings SA has chosen to withhold an interest payment of about $125 million due on April 15 with respect to its outstanding 8½% senior notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

Under the indenture governing the notes, Intelsat Jackson has a 30-day grace period to make the interest payment before that non-payment constitutes an event of default.

The issuer has decided to enter into the 30-day grace period in order to increase its financial flexibility as the parent company assesses its operating and general economic environment.

Intelsat is a Luxembourg-based communications satellite company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.