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Intelsat is to issue debt notes amounting to $1.5 billion, with interest of 9.75 per cent and due for repayment in 2025.
The cash raised – described as ‘junk bonds’, will be used to redeem existing outstanding debt that was due for redemption in 2019. However, the core debt levels at Intelsat remain at about $15 billion.
A Reuters report on the NASDAQ web-site said there had been “strong” demand in terms as take-up for the new debt.
Reuters adds that the debt has a special clause which allows Intelsat to buy back the bonds within the next year should Japan’s SoftBank or OneWeb re-introduce their offer to buy Intelsat.