Intelsat Bond Exchange Attracts $141.4 Million to Cut Debt Loadby
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.