Intelsat to refinance $2.25bn?
November 20, 2013
By Chris Forrester
Satellite giant Intelsat is reportedly seeking to refinance a total of $2.25 billion-worth of existing loans, and in order to tap into today’s lower interest rates. The existing loans are due for repayment in 2017 and 2019. Intelsat’s president & CEO Dave McGlade is due to make a presentation at Morgan Stanley’s media and telecoms conference on November 21st, where more detail should emerge.
The current reports suggest that the existing loans are being re-worked by Bank of America. Intelsat is devoting considerable energies to restructuring its considerable debt burden which stood at some $15.35 billion as at June 30th. McGlade, speaking in August, said that long-term debt was steadily being reduced and that $500 million had been repaid during the first-half of the year.