Intelsat has granted its bondholders another few days to accept the terms on offer from Japan’s SoftBank. The 5pm (New York-time May 15th) set as the deadline has been extended to 4.59pm May 18th.

Intelsat told the market early on May 16th that of the various bond issues, just 0.82 per cent of one batch, and 0.32 per cent of a second and 0.06 per cent of a third, 0.38 per cent of a fourth, 0.03 percent of a fifth,0.29 per cent of a sixth, and 0.07 per cent of a 7th tranche of debt had been tended in acceptance of the terms on offer.

This does not look optimistic, although Intelsat may be away of some ‘behind closed doors’ negotiations which would improve those acceptance levels by Thursday afternoon.

Indeed, these acceptance levels are much the same as reported by Intelsat in April, and there has now been little or no improvement in acceptance levels over the past three weeks.

Intelsat, with SoftBank’s help, is looking to trim its overall debt by some $3.5 billion and in the process merge with Jersey-based OneWeb.

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