Intelsat has completed its exchange offer for just under US$5bn of notes held by its subsidiary Intelsat (Luxembourg), formerly known as Intelsat (Bermuda).
The satellite operator is exchanging US$2.805bn aggregate principal amount of its 11.25% senior…
Intelsat has completed its exchange offer for just under US$5bn of notes held by its subsidiary Intelsat (Luxembourg), formerly known as Intelsat (Bermuda).
The satellite operator is exchanging US$2.805bn aggregate principal amount of its 11.25% senior notes due 2017 and US$2.15bn aggregate principal amount of its 11.5%/12.5% Senior PIK Election Notes due 2017 with new notes that are substantially identical to the original notes.
The reason for the exchange is an administrative one as it replaces bonds that could be bought and sold by an institutional holder only to ones that can be freely traded in the markets.
