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Intelsat Jackson begins tender offer for 7¼% senior notes due 2020
By Marisa Wong
Morgantown, W.Va., Sept. 10 – Intelsat SA announced that its indirect wholly owned subsidiary, Intelsat Jackson Holdings SA, has begun a cash tender offer to purchase any and all of its $1,751,119,000 outstanding 7¼% senior notes due 2020.
The company is offering a consideration of $1,036.25 per $1,000 principal amount, equivalent to par plus accrued interest to but excluding Oct. 15.
The offer is set to expire at 5 p.m. ET on Sept. 14.
Tenders may be withdrawn at or prior to the expiration of the offer or, if the offer is extended, 5 p.m. ET on the 10th business day after the start of the offer.
Payment for any notes tendered and accepted for purchase is expected to be made on Sept. 19.
The offer is conditioned on, among other things, Intelsat Jackson having completed an offering of senior notes totaling at least $2 billion, proceeds of which would be used to fund the tender offer and the redemption of any 7¼% notes that remain outstanding.
On Sept. 5, Intelsat announced that Intelsat Jackson had priced $2.25 billion of 8½% senior notes due 2024, with settlement slated for Sept. 19.
Intelsat Jackson has called for redemption all 7¼% notes that remain outstanding. The notes will be redeemed on Oct. 15 at par plus accrued interest, for a total redemption price of $1,036.25 per $1,000 principal amount. The redemption is also conditioned on closing of the new notes issuance.
Global Bondholder Services Corp. (866 794-2200, 212 430-3774 or fax 212 430-3775) is depositary and information agent for the tender offer.
Intelsat is a Luxembourg-based satellite telecommunications services company.
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