Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone
Satellite giant Intelsat has an operation underway where it is seeking to repay some of its ‘Senior Note’ debts by an early redemption and at a significant discount to their face value.
In total Intelsat is happy to pay up to $625 million in total for a batch of Notes originally due for redemption in the 2022-2023 period.
Intelsat, happily, says that its offer has been significantly over-subscribed to the tune of some $1.9 billion by yesterday’s Settlement Date (June 1st).
Intelsat will now pay out $623 million to the successful tenderers of the Notes.
While Intelsat has made no comment, this degree of support for the scheme is likely to lead to another similar offering down the line. Guggenheim Securities are advising Intelsat on its overall financial restructuring in an effort to reduce Intelsat’s debts.
Intelsat’s share price moved up 6.5 percent on the news.