PanAmSat ups payout, extends consent solicitation, tender deadline for 10 3/8% notes

By Jennifer Chiou

New York, June 13 - PanAmSat Holding Corp. announced the extension of the consent solicitation for its $416 million principal amount at maturity of 10 3/8% senior discount notes due 2014.

The consent deadline is 10 a.m. ET on June 14, pushed back from 5 p.m. ET on June 12.

The company also prolonged the tender offer to midnight ET on June 30. The offer was previously set to expire at midnight ET on June 26.

For each $1,000 principal amount at maturity of notes, holders will now receive $739.19 or 103.5% of the accreted value of the notes on June 30, up from $720.12, which represents 101% of the accreted value as of June 26. The accreted amount of the notes as of June 26, the expiration date, will be $296.6 million.

For those who tender their holdings before the consent deadline, the company said it will now make a $17.86 consent payment, up from $7.13.

As of 5 p.m. ET on June 12, holders of $177.5 million principal amount at maturity of notes had tendered their securities. The figure represents 42.7% of the notes.

The offer began on May 30.

The Wilton, Conn.-based satellite company is soliciting consents to amend the note indenture, elimination restrictive covenants and certain events of default.

The company is seeking tenders from holders of a majority of the notes and the offer is conditioned upon the consummation of the acquisition of PanAmSat by Intelsat (Bermuda), Ltd. as well as funding.

Deutsche Bank Securities Inc. is the dealer manager and the solicitation agent (call collect 212 250-5655).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.