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Intelsat accepts $114.16 million 7 5/8% notes, $346.45 million 6½% notes in tender offer
By Angela McDaniels
Tacoma, Wash., Feb. 12 - Intelsat, Ltd. said it received tenders for $114.16 million, or 19%, of its $600 million 7 5/8% senior notes due 2012 and $346.45 million, or 49.5%, of its $700 million 6½% senior notes due 2013 during a modified Dutch auction tender offer that ended Feb. 11.
All tendered notes were accepted for purchase, according to a company news release.
For each $1,000 principal amount, the payment is $817.50 for the 7 5/8% notes and $735.00 for the 6½% notes. In each case, the payment includes a $30.00 early participation payment for notes tendered by Jan. 28.
Holders will also receive accrued interest.
For each series of notes, the payment is equal to a base price plus a clearing premium.
The acceptable bid price range was $717.50 to $817.50 for the 7 5/8% notes and $635.00 to $735.00 for the 6½% notes, in each case including the $30.00 early participation payment.
The company previously said the clearing price would be the lowest single premium at which it would be able to spend $375 million on the tender offer. On Thursday, Intelsat said the clearing premium was set at $100.00.
The tender offer began on Jan. 14 and was conducted through Intelsat Subsidiary Holding Co., Ltd.
Intelsat Subsidiary said it will use proceeds from an offering of 8 7/8% senior notes due 2015 to fund the tender offer.
The company originally planned to spend up to $200 million on the offer, excluding interest. The cap was increased to $375 million on Jan. 29.
Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-4692) was the dealer manager. MacKenzie Partners, Inc. (800 322-2885 or call collect 212 929-5500) was the information agent and depositary.
Intelsat is a Pembroke, Bermuda-based satellite services provider.
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