Intelsat’s request to increase its Debtor in Possession (DiP) financing by a half billion dollars to a total of $1.5 billion was approved by its bankruptcy court on September 13th.
The extra cash is structured as:
– New DIP includes a $1.25 billion senior-secured term loan and a $250 million delayed-draw term loan at Libor plus 475 basis points
– Original DIP was priced at Libor plus 550 basis points
– Intelsat’s Jackson sister note-holder group will provide the new financing
The ruling allows Intelsat to continue its conventional trading despite its bankruptcy status.