Intelsat Announces Proposed Redemption of Floating Rate Senior Notes due 2012
Pembroke, Bermuda, 3 January 2007
Intelsat, Ltd., the world’s largest provider of fixed satellite services, today announced that Intelsat Subsidiary Holding Company, Ltd. intends to redeem all of its outstanding $1.0 billion Floating Rate Senior Notes due 2012 (the “Notes”). Intelsat Subsidiary Holding Company, Ltd. has issued a notice of redemption pursuant to the indenture for the Notes stating that it intends to redeem all of the Notes on 2 February 2007 (the “Redemption Date”) at a redemption price equal to 101% of the principal amount of the Notes plus accrued and unpaid interest thereon to the Redemption Date (together, the “Redemption Payment”). The redemption of the Notes is conditioned upon Intelsat Subsidiary Holding Company, Ltd. receiving sufficient funds on the Redemption Date from a term loan borrowing by its parent Intelsat (Bermuda), Ltd. The term loan borrowing is expected to be made pursuant to a new unsecured credit agreement that Intelsat (Bermuda), Ltd. intends to enter into to fund the Redemption Payment, which borrowing will be guaranteed by Intelsat Subsidiary Holding Company, Ltd. and the same subsidiaries of Intelsat Subsidiary Holding Company, Ltd. that guarantee the Notes.
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