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Intelsat unit commences cash tender offer for senior notes


According to Market Intelligence, December 2022


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Intelsat unit commences cash tender offer for senior notes

Intelsat SA unit Intelsat Jackson Holdings SA commenced a cash tender offer to buy any and all of its outstanding 7.25% senior notes due 2020.

The consideration of $1,036.25 is equal to the redemption price payable on the redemption date. It reflects the par amount of the notes plus interest, which accrues or would accrue but for the consummation of the offer to, but not including, Oct. 15, even though the settlement date may be before Oct. 15.

The offer is currently scheduled to expire at 5 p.m. ET on Sept. 14, unless extended or earlier terminated by Intelsat Jackson. The principal amount outstanding for the notes is about $1.75 billion.

In connection with the offer and the new notes offering, Intelsat Jackson also called for the redemption all notes with a redemption date of Oct. 15.

Intelsat Jackson has retained Global Bondholder Services Corp. to act as the depositary and information agent for the offer.