Deals
SoftBank Running Out of Patience as Intelsat Debt Offer Extended
- At ‘absolute limit of what we are prepared to pay’, CFO Says
- Swap extension is fourth attempt to woo Intelsat creditors
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SoftBank Group Corp. says it is unwilling to pay more for Intelsat SA after the satellite company extended for the fourth time a deadline for a stalled debt swap that’s underpinning its proposed merger with SoftBank’s OneWeb Ltd.
Bondholders now have till May 31 to consider an improved note swap offer, Intelsat said in a May 17 statement. Softbank also boosted its investment in the merger by $61.6 million to $1.79 billion, according to a Wednesday filing.