Intelsat terminates debt exchange offers

Intelsat S.A. (NYSE: I) has announced that the previously announced (i) offer or offers to exchange certain of the respective outstanding senior unsecured notes issued by its indirect wholly owned subsidiaries, Intelsat Jackson Holdings S.A., Intelsat Connect Finance S.A., and Intelsat (Luxembourg) S.A. and (ii) solicitation or solicitations of consents to amend the indentures governing the Existing Notes expired pursuant to their terms at 12: 00 midnight, New York City time, on May 31, 2017, the company said.

As of the expiration date, the minimum tender conditions for the Exchange Offers and Consent Solicitations had not been satisfied. The Issuers have not accepted any of the Existing Notes for exchange, any Existing Notes tendered for exchange will be promptly returned to holders, and the Exchange Offers and Consent Solicitations have accordingly been terminated.

As a result of the termination of the Exchange Offers, Intelsat currently expects that OneWeb and SoftBank will exercise their respective termination rights under the Combination Agreement and related Share Purchase Agreement on June 2.

Intelsat operates a globalized network, powered by its satellite backbone, delivering high-quality, cost-effective video and broadband services anywhere in the world.