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Intelsat Jackson gets enough tenders to amend 11¼% note indenture
By Toni Weeks
San Diego, Oct. 3 - Intelsat SA said its subsidiary Intelsat Jackson Holdings SA received tenders for $442,302,000, or 73.32%, of its $603.22 million principal amount of 11¼% senior notes due 2016 by midnight ET on Oct. 2, the consent date, which will allow it to amend the indenture for the notes to eliminate substantially all of the restrictive covenants and events of default.
As previously reported, the company will pay a total purchase price of $1,044.50 for each $1,000 principal amount of notes tendered by midnight ET on Oct. 2, the consent date.
The tender offer will end at midnight ET on Oct. 17. Holders who tender their notes after the consent date will receive $1,014.50 per $1,000 of notes.
The company also will pay accrued interest to but excluding the payment date, which will be Oct. 3 for notes tendered by the consent date and Oct. 18 for those tendered after the consent date.
According to an 8-K filed with the Securities and Exchange Commission, Intelsat Jackson has issued a call to redeem any remaining 11¼% notes that remain outstanding at the conclusion of the tender offer. The company will redeem the notes on Nov. 2 at 103.75 plus accrued interest.
The offer and solicitation are conditioned on completion of financing for the offer as well as tenders of at least a majority of the outstanding notes outstanding by the consent date. On Wednesday, the company issued $640 million of 6 5/8% notes due 2022, proceeds of which are slated for funding of the tender offer and may also be used to redeem the notes.
Morgan Stanley & Co. LLC (800 624-1808 or collect 212 761-1057) and Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-7249) are the joint dealer managers and joint solicitation agents. Global Bondholder Services Corp. at (866 470-3900 or collect 212 430-3774) is the information agent and the depositary.
Intelsat provides fixed satellite services and is based in Luxembourg.
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