Intelsat Bond Exchange Attracts $141.4 Million to Cut Debt Load

Intelsat SA will exchange $141.4 million of bonds as part of a debt swap launched last month to reduce its debt, according to a company statement.

The Luxembourg-based satellite operator previously offered holders of its 6.625 percent notes due in 2022 $120 in cash and $705 of 8 percent notes due in 2024 for every $1,000 of the old notes. As of Sept. 12, Intelsat received 99.7 percent of the outstanding bonds, the company said.

The exchange offer remains open until 11:59 p.m. in New York on Sept. 26, although the cash portion dropped to $100 after Sept. 12. Intelsat will also pay $65 to investors for agreeing to amend the 2022 bond indenture. It expects to make the payments Sept. 15, according to the statement.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE