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Satellite operator Intelsat is continuing with its financial restructuring. December 7th saw it offer an exchange of certain existing debt obligations due for repayment in 2018 or 2021.
The total debt up for exchange is $841 million (€779m).
In essence, bond holders can swap the Notes they hold in return for a cash payment and the issue of new senior debt Notes due for repayment in April 2022, and enjoying interest of 12.5 per cent.
The offer expires on January 5th 2017.
The debt restructuring process at Intelsat has been going on for some time. Back in September its CFO Jacques Kerrest said that Intelsat’s intention was to carry on deleveraging the company, and to restructure its borrowings.