Intelsat to draw on DIP facility for $400 million business acquisition

By Wendy Van Sickle

Columbus, Ohio, Aug. 31 – Intelsat SA plans to draw down on its $1 billion in debtor-in-possession financing credit facility to finance its acquisition of the commercial aviation business of Gogo Inc. for $400 million, according to a news release.

Intelsat also plans to use cash on hand in the transaction.

Intelsat has obtained support from key economic stakeholders, as well as approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to complete the acquisition, which is expected to close before the end of the first quarter 2021.

Intelsat is a Luxembourg City, Luxembourg-based satellite telecommunications company. The company filed bankruptcy on May 14 under Chapter 11 case number 20-32299.

© 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.