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Satellite operator Intelsat has successfully exchanged some $403.3 million (€380.9m) of debt, due for repayment in 2018, for new higher interest-bearing Notes that will now fall due in 2024.
The $403 million accepted and re-issued represents 80.7 per cent of the 2018 debt (at 6.75 per cent) on offer. The other remaining debt-holders have until January 19th to accept the terms on offer, and the offer will expire on January 20th.
The new 2024 Notes carry interest of 12.50 per cent.