Intelsat S.A. (NYSE: I) has released the results to-date for its private offer to exchange certain outstanding notes issued by Intelsat (Luxembourg) S.A. (“Intelsat Luxembourg”), as well as the anticipated early settlement date for the Exchange Offer of January 6, 2017, the company said.
Intelsat Luxembourg is offering to exchange its 6.75% Senior Notes due 2018 (the “2018 Notes”) held by Eligible Holders (as defined below) for newly issued 12.50% Senior Notes due 2024 of Intelsat Luxembourg (the “2024 Notes”), subject to the terms and conditions set forth in the confidential offering memorandum (the “Offering Memorandum”) relating to the Exchange Offer.
According to Global Bondholder Services Corporation, the exchange agent and information agent for the Exchange Offer, tenders from holders of approximately USD403.3 million, or 80.7%, of the aggregate principal amount of outstanding 2018 Notes were validly received and not validly withdrawn in the Exchange Offer as of 11:59 p.m., New York City time, on January 4, 2017 (the “Early Delivery Time”).
Intelsat Luxembourg expects that all of the 2018 Notes that were validly tendered and not validly withdrawn in the Exchange Offer prior to the Early Delivery Time will be purchased by Intelsat Luxembourg on January 6, 2017 (the “Early Settlement Date”). Intelsat Luxembourg expects that the conditions to the Exchange Offer will be satisfied or waived as of the Early Settlement Date.
Intelsat operates a globalized network, powered by its leading satellite backbone, delivering high-quality, cost-effective video and broadband services anywhere in the world.