Intelsat Jackson to price $300 million tap of 9¾% notes due 2025 in Thursday drive-by

By Paul A. Harris

Portland, Ore., June 6 – Intelsat Jackson Holdings SA plans to price a $300 million add-on to its 9¾% senior notes due 2025 (existing ratings Caa2/CCC+) in a quick-to-market Thursday trade following a late-morning conference call with investors, according to market sources.

Initial price talk has the deal coming at 99.5 to par, a trader said.

Goldman Sachs & Co. LLC is the left bookrunner for the Rule 144A and Regulation S for life add-on. Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint bookrunners.

The notes become callable on July 15, 2021 at 104.875 and feature a 40% equity clawback until July 15, 2021.

The satellite telecommunications company plans to use to proceeds for working capital and general corporate purposes, which may include, among other things, debt repayment, capital expenditures and strategic transactions.

The original $1.5 billion issue priced in June 2017. The Rule 144A add-on notes will become fungible with the existing notes. The Regulation S add-on notes will become fungible with the existing notes following a 40-day cooling period.

The prospective issuer is a subsidiary of Luxembourg-based Intelsat SA.

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