talk Satellite
 
Americas Asia-Pacific EMEA
















  

















     


 

 

Intelsat Announces Proposed Redemption of Intelsat S.A. 7 5/8% Senior Notes due 2012 and Partial Redemption of Intelsat Subsidiary Holding Company S.A. 8 1/2% Senior Notes due 2013

 

February 16, 2011


Intelsat S.A. today announced that it intends to redeem all of the $485,841,000 aggregate principal amount outstanding of its 7 5/8% Senior Notes due 2012 (the "2012 Notes") and that its subsidiary, Intelsat Subsidiary Holding Company S.A. ("Intelsat Sub Holdco"), intends to redeem $225,000,000 aggregate principal amount of its 8 1/2% Senior Notes due 2013 (the "2013 Notes").  The redemptions will be funded with cash on hand, primarily from the excess proceeds of the debt refinancing transactions entered into by Intelsat Jackson Holdings S.A. in September 2010 and January 2011.

 

Intelsat S.A. has issued a notice of redemption pursuant to the indenture for the 2012 Notes stating that it intends to redeem all of the 2012 Notes on March 18, 2011, or such later date to which such redemption may be extended by Intelsat S.A. in its sole discretion (such date, as it may be extended, the "2012 Notes Redemption Date").  The redemption price for the 2012 Notes will be determined in accordance with the indenture for the 2012 Notes plus accrued and unpaid interest thereon to the 2012 Notes Redemption Date.

 

Intelsat Sub Holdco has issued a notice of partial redemption pursuant to the indenture for the 2013 Notes stating that it intends to redeem $225,000,000 aggregate principal amount of the 2013 Notes on March 18, 2011, or such later date to which such redemption may be extended by Intelsat Sub Holdco in its sole discretion (such date, as it may be extended, the "2013 Notes Redemption Date").  The redemption price for the 2013 Notes will be equal to 100% of the principal amount of the 2013 Notes plus accrued and unpaid interest thereon to the 2013 Notes Redemption Date.  In accordance with the indenture for the 2013 Notes, selection of the 2013 Notes for redemption will be made by the trustee for the 2013 Notes on a pro rata basis.  Intelsat expects that, after the partial redemption of the 2013 Notes, approximately $625 million aggregate principal amount of the 2013 Notes will be outstanding.