Intelsat to price $1 billion notes due February 2023 on Thursday

By Paul A. Harris

Portland, Ore., Aug. 1 – Intelsat Connect Finance SA plans to price $1 billion of senior notes due February 2023 on Thursday afternoon, according to an informed source.

The deal is set to be marketed by means of an investor conference call scheduled to get underway at 11:30 a.m. ET on Thursday.

Credit Suisse Securities (USA) LLC is the left bookrunner for the Rule 144A and Regulation S for life offering. Goldman Sachs & Co. is the joint bookrunner.

The notes come with two years of call protection and feature a two-year 40% equity clawback and a 101% poison put.

The Luxembourg-based satellite services provider plans to use the proceeds to fund the redemption of the Intelsat Connect Finance 12½% notes due 2022 and to retire Intelsat Jackson debt.

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