Inmarsat to price $105 million add-on to 7 5/8% notes due 2012 Friday via CSFB

By Paul A. Harris

St. Louis, April 22 - Inmarsat Finance plc plans to price a $105 million add-on to its 7 5/8% senior notes due June 30, 2012 (B2/B) on Friday, according to market sources.

Credit Suisse First Boston is the bookrunner for the Rule 144A offering.

The notes become callable after March 1, 2008 at 103.813, with the premium declining annually from that date to 102.542, 101.271, and to par on or after March 1, 2011. The notes also come with an equity clawback for 35% at 107.625 until March 1, 2007.

The notes are guaranteed on a senior subordinated basis by certain subsidiaries.

Proceeds will be used to fund a dividend payment.

The issuer is a London-based global satellite communications services company.

The original $375 million issue priced at par on Jan. 27, 2004.

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