By Paul A. Harris
Portland, Ore., Aug. 2 – Intelsat Connect Finance SA priced an upsized $1.25 billion issue of 9½% senior notes due Feb. 15, 2023 (Ca/CCC-) at 98.25 to yield 10.004% on Thursday, according to an informed source.
The deal size increased from $1 billion.
The coupon came at the tight end of the 9½% to 9¾% coupon talk. The reoffer price came rich to price talk of 98.
Credit Suisse Securities (USA) LLC was the left bookrunner. Goldman Sachs & Co. was the joint bookrunner.
The Luxembourg-based satellite services provider plans to use the proceeds the fund the redemption of the Intelsat Connect Finance 12½% notes due 2022 and retire Intelsat Jackson debt.
| Issuer: | Intelsat Connect Finance SA
|
| Amount: | $1.25 billion, increased from $1 billion
|
| Maturity: | Feb. 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 9½%
|
| Price: | 98.25
|
| Yield: | 10.004%
|
| Spread: | 716.5 bps
|
| First call: | Aug. 15, 2020 at 107.125
|
| Equity clawback: | 40% at 109.5 until Aug. 15, 2020
|
| Trade date: | Aug. 2
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody's: Ca
|
| S&P: CCC-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10½% to 10¾% coupon at 98
|
| Marketing: | Investor call
|
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