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.

Other posts by Chris Forrester:

1. Virgin Galactic in stock split
2. Thuraya-3 suffers major problem
3. AST SpaceMobile hit by Class Action
4. Optimism under threat at SES
5. Rivada visits Terran Orbital’s manufacturing HQ
6. Avanti wins spectrum debt obligation case
7. SpaceX breaks records for re-use launchers
8. IRIS2 already in trouble?
9. Intelsat contemplates next steps

Categories: Blogs, Business, Inside Satellite