latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/leveraged-loan-news/intelsat-3-1b-refi-b-2-leveraged-loan-enters-secondary-above-par content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Intelsat $3.1B refi B-2 leveraged loan enters secondary above par

Market pros see leveraged loan default rate holding at low levels

S&P: BBB downgrade risks in Europe look manageable

As specter of rate cuts grows, investors retreat from leveraged loan asset class

Retail investors flock to US high yield bond funds with $1.8B inflow


Intelsat $3.1B refi B-2 leveraged loan enters secondary above par

lrg_logo_intelsatThe $3.1 billion B-2 term loan for Intelsat Jackson broke for trading late this afternoon at 100.125/100.625, from issuance at par, according to sources. The loan due June 2019 is priced at L+275, with a 1% LIBOR floor. Bank of America Merrill Lynch, Credit Suisse, J.P. Morgan, and Morgan Stanley arranged the loan, which cleared in line with talk, but was upsized from an initial $1.75 billion, with the additional proceeds earmarked to repay nearly all of the $3.22 billion TLB due 2018. Via the refinancing, the issuer is extending its term loan maturity from April 2018 and reducing pricing from L+300, with a 1.25% floor. Alongside the term loan, the company is also putting in place a $500 million revolver maturing in July 2017, which is priced at L+275. Publicly traded Intelsat is a provider of fixed satellite services worldwide.

Terms:

Borrower Intelsat Jackson
Issue $3.1 billion TLB-2
UoP Refinancing/repricing
Spread L+275
LIBOR floor 1.00%
Price 100
Tenor/maturity June 2019
YTM 3.80%
Call protection six months 101 soft call
Corporate ratings B/B3
Facility ratings BB-/Ba3
S&P recovery rating 1
Financial covenants net-secured-leverage, interest coverage
Arrangers/bookrunners BAML, CS, JPM, MS
Admin agent BAML
Notes Upsized from $1.75B