Intelsat raises $1.25bn

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Intelsat is talking about raising an extra $250 million in fresh borrowing, over and above the $1 billion announced last week.

The cash raised is in the form of 2023 Senior Notes, priced at 9.5 percent.

Intelsat says it expects to use the net proceeds from the sale of the Notes and other available cash to fund the redemption and discharge of all $732 million principal amount of Intelsat’s outstanding 12.50 percent Senior Notes due 2022 (the “2022 Senior Notes”) and/or to fund any private transactions to purchase and cancel the 2022 Senior Notes, to directly or through its subsidiaries purchase 7.25 percent Senior Notes due 2020 of, and other unsecured notes of [subsidiary] Intelsat Jackson Holdings S.A., to pay related fees and expenses, and any remainder for general corporate purposes.

The offering is expected to close on August 16th.


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