British MSS operator Inmarsat has priced a new US$1bn senior bond to redeem its US$850m of 7.375% notes that are set to expire in three years.
The new 4.875% senior notes, due 2022, priced at 99.191 to yield 4.91%. They will be issued on 4 June.
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British MSS operator Inmarsat has priced a new US$1bn senior bond to redeem its US$850m of 7.375% notes that are set to expire in three years.
The new 4.875% senior notes, due 2022, priced at 99.191 to yield 4.91%. They will be issued on 4 June.
Credit Suisse and Barclays are understood to be lead arrangers for the financing.
Inmarsat said any excess proceeds following the refinancing will be used for general corporate purposes.
The 2017 notes originally came to market back in November 2009 in a US$650m deal but were upsized by US$200m in April 2012.
The tap issue priced at 106% at what was thought to be at the top end of price talk at the time. Credit Suisse and Barclays were also leads on that deal, joined by Credit Agricole, Mizuho, RBC and RBS as joint bookrunners.
Investors are being offered a total consideration of 104.05% for their 2017 notes if they take advantage of a 3% premium by tendering before 3 June.
Notes not tendered in the offer by 17 June will be redeemed on or about 7 July at 103.688%.
D.F. King & Co. is acting as information and tender agent for the offer and Credit Suisse Securities is acting as dealer manager.
Inmarsat is rated Ba2 by Moody’s.
