By Paul A. Harris
Portland, Ore., Oct. 2 – Intelsat Jackson Holdings SA priced a $700 million add-on to its 8½% senior notes due Oct. 15, 2024 (Caa2/CCC+) at 100.75 to yield 8.339% in a quick-to-market Tuesday trade, according to market sources.
The reoffer price came at the rich end of price talk in the 100.5 area and rich to initial price talk at par.
Goldman Sachs & Co. LLC was the bookrunner for the Rule 144A and Regulation S for life add-on.
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.
| Issuer: | Intelsat Jackson Holdings SA
|
| Amount: | $700 million
|
| Maturity: | Oct. 15, 2024
|
| Security description: | Add-on to 8½% senior notes due Oct. 15, 2024
|
| Bookrunner: | Goldman Sachs & Co. LLC
|
| Coupon: | 8½%
|
| Price: | 100.75
|
| Yield to maturity: | 8.339%
|
| Spread: | 535 bps
|
| First call: | Oct. 15, 2020 at 106.375
|
| Special call: | At 105 until Oct. 15, 2020 with specified spectrum proceeds
|
| Equity clawback: | 40% equity clawback at 108.5 until Oct. 15, 2020
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 100.5 area
|
| Marketing: | Quick to market
|
| Original issue: | $2.25 billion priced at par on Sept. 5, 2018
|
| Total issue size: | $2.95 billion
|
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