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Intelsat Announces Proposed New Debt Issuance
Pembroke, Bermuda (SPX) Feb 04, 2005 Intelsat has announced that it and a newly formed subsidiary are intending to issue new Senior Discount Notes due 2015. Subject to regulatory approvals of certain asset transfers between subsidiaries of Intelsat and consummation of those transfers, the net offering proceeds of approximately $300 million are expected to be used to fund the repurchase of certain preferred shares held by the shareholders of Intelsat's parent, Zeus Holdings Limited. If the required approvals are not received and the transfers are not completed within 90 days, the notes will be redeemed at 100% of their accreted value. The notes will accrete in value for the first five years, after which time noteholders will be paid cash interest on a semi-annual basis. Upon consummation of the offering, receipt of regulatory approvals and completion of the asset transfers, the new Senior Discount Notes will rank structurally subordinate to the existing debt of Intelsat (Bermuda), Ltd. and structurally senior to the existing debt of Intelsat, Ltd. The debt securities have not been registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under that Act. Community Email This Article Comment On This Article Related Links Intelsat SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Stratos Steps Closer To Xantic Acquisition
Bethesda MD (SPX) Jan 5, 2006Stratos Global recently announced it had taken a step closer toward the completion of the acquisition of Xantic, having received positive advice from the Works' Council in the Netherlands, and executed a definitive agreement to purchase Xantic from KPN and Telstra Corporation. |
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