Intelsat to price $2 billion six-year notes in Wednesday drive-by; whisper is 8½%-8¾%

By Paul A. Harris

Portland, Ore., Sept. 5 – Intelsat Jackson Holdings SA expects to price $2 billion of six-year senior notes (Caa1/CCC+) in a quick-to-market Wednesday trade, according to market sources.

Initial price talk has the deal coming to yield 8½% to 8¾%.

J.P. Morgan Securities LLC is leading the sale.

The Rule 144A and Regulation S notes come with two years of call protection.

The issuer is a subsidiary of Luxembourg-based Intelsat SA, a satellite telecommunications services company.

Proceeds will be used to refinance the Intelsat Jackson 7¼% senior notes due 2020 by means of a concurrent tender offer and/or redemption.

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