Inmarsat --- initial settlement under the
offer to purchase its outstanding senior
notes due 2017
June 4, 2014
Inmarsat Finance
plc announces the initial settlement under
the offer to purchase for cash any and all
of its outstanding dollar-denominated 7.375%
Senior Notes due 2017 in an aggregate
principal amount of
US$850,000,000 (the "Notes") under
the terms of the offer to purchase dated
May 20, 2014
(the "Offer to Purchase"). Holders of
$412,051,000
in aggregate principal amount of the Notes,
or 48.48%, validly tendered their Notes at
or prior to the Early Tender Date (5:00
p.m.,
New York City time, on
June 3, 2014).
Credit Suisse Securities (USA)
LLC acted as Dealer Manager in connection
with the Offer. Capitalized terms used
herein but not defined shall have the
meanings ascribed to them in the Offer to
Purchase.
The Company's
obligation to complete the Offer by
accepting for purchase, and paying for, the
Notes validly tendered (and not validly
withdrawn) was subject to and conditioned
upon satisfaction of the Financing Condition
and the General Conditions, each as defined
in the Offer to Purchase. The Financing
Condition was satisfied
4 June 2014
with the successful completion by the
Company of its new issuance of 4.875% senior
notes due 2022. Holders of the Notes that
are validly tendered and not validly
withdrawn after the Early Tender Date but
before the Expiration Date (11:59
p.m.,
New York City time, on
June 17, 2014)
will receive the relevant Tender Offer
Consideration (but no Early Tender Premium),
plus accrued interest up to but not
including the Final Settlement Date, which
is expected to be
June 18, 2014. Notes not tendered in
the Offer will be redeemed on
July 4, 2014
(with payment to occur on the next occurring
Business Day, July 7,
2014) at the then applicable
redemption price of 103.688% of the
principal amount of the Notes (plus accrued
and unpaid interest through the date of
redemption) in accordance with the terms of
the indenture governing the Notes. Holders
should refer to the Offer to Purchase for
the terms and conditions applicable to the
Offer.
