Intelsat Jackson to price $700 million tap of 8½% notes due 2024 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Oct. 2 – Intelsat Jackson Holdings SA plans to price a $700 million add-on to its 8½% senior notes due Oct. 15, 2024 (expected ratings Caa2/CCC) in a quick-to-market Tuesday trade following a late-morning conference call with investors, according to market sources.

Initial price talk has the deal coming at par.

Goldman Sachs & Co. is the bookrunner for the Rule 144A and Regulation S for life add-on.

The notes become callable on Oct. 15, 2020 at 106.375. There is a special call at 105 until Oct. 15, 2020 with proceeds from a specified spectrum sale. The notes also feature a 40% equity clawback at 108 until Oct. 15, 2020.

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

Proceeds will be used to refinance senior notes maturing in 2021.

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