Intelsat has surprised the market with its key shareholders mounting a public offering to sell up to 11.5 million new shares (at a nominal value of $0.01c per share). Intelsat does not receive any of the cash raised by the sale.
Intelsat has priced the shares at $25.75 each, and the share offer will close on December 4th.
The news prompted a fall of some 2.8 percent in after-hours trading on Nov 28th to $26.15 per share. Over the past month Intelsat’s share price fluctuated between $22 -$29 per share. Trading on November 29th was around $26-$27 a share having opened 10 percent down on the earlier day’s action.
The bookrunners for the share sale are Goldman Sachs and JP Morgan.
Coincidentally, a new Intelsat filing (Nov 27th) with the Securities & Exchange Commission (SEC) shows that PointState Capital LP and associates now has a total of 7.4 percent holdings in Intelsat. Intelsat has 136.9 million issued shares.