Intelsat Jackson Amends Senior Secured Credit Agreement

MarineElectronics.com
Wednesday, November 27, 2013

Intelsat S.A., a provider of fixed satellite services, announced that Intelsat Jackson Holdings S.A., its indirect wholly-owned subsidiary, has amended its senior secured credit agreement, which governs its approximately $3.1 billion senior secured term loan facility and $500 million revolving credit facility, effective today.

Among other things, the amendment reduced the interest rates applicable to borrowings under the term loan facility and extended the maturity of the term loan facility. In addition, it also reduced the interest rates applicable to $450 million of the $500 million total revolving credit facility and extended the maturity of such portion.

As a result of the amendment, interest rates for borrowings under the term loan facility and the new tranche of the revolving credit facility will be either the LIBOR rate plus 2.75%, a reduction from the rate applicable prior to the amendment of the LIBOR rate plus 3.00%, or the ABR plus 1.75%, a reduction from the rate applicable prior to the amendment of the ABR plus 2.00%.

The LIBOR rate and the ABR applicable to the term loan facility and the new tranche of the revolving credit facility will be determined as specified in the credit agreement, and the LIBOR rate will not be less than 1.00% per annum, a reduction from the floor of 1.25% prior to the amendment.  The interest rates applicable to the $50 million tranche of the revolving credit facility that was not amended will remain the same.

In addition, the maturity date of the term loan facility was extended from April 2, 2018 to June 30, 2019 and the maturity date of the new $450 million tranche of the revolving credit facility was extended from January 12, 2016 to July 12, 2017.  The maturity date of the $50 million tranche of the revolving credit facility that was not amended will remain January 12, 2016.

All other material provisions, including covenants under the existing credit agreement, remain unchanged.

Bank of America Merrill Lynch, J.P. Morgan and Credit Suisse served as joint lead arrangers and joint book runners.  Barclays, Morgan Stanley, Deutsche Bank and Goldman Sachs served as joint book runners and HSBC served as manager.

intelsat.com
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Lerwick Port Promoting Shetland Fishing Industry

The importance of investment in the Shetland fishing industry has been highlighted today by Lerwick Port Authority Chief Executive, Sandra Laurenson. The industry – white fish,

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

Finance

Hoegh LNG's Bond Issue

Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020.

NordLB Back to Profit

Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first

Navios to Expand Fleet with Two VLCCs

Monaco-based tanker owner and operator Navios Maritime Midstream Partners (NAP) plans to launch syndication of a USD 205 million Term Loan B to finance the purchase

News

Lerwick Port Promoting Shetland Fishing Industry

The importance of investment in the Shetland fishing industry has been highlighted today by Lerwick Port Authority Chief Executive, Sandra Laurenson. The industry – white fish,

Hoegh LNG's Bond Issue

Hoegh LNG (HLNG) has successfully completed the issuance of a USD 130 million senior unsecured bond in the Nordic bond market with maturity date expected to be 5 June 2020.

Rieber offloads Polar Prince

GC Rieber Shipping has entered into an agreement to sell subsea vessel "Polar Prince", which the company had built in 1999.   The transaction gives GC Rieber

SatCom

Threats to Global Navigation Satellite Systems

Originally developed to guide Allied convoys safely across the Atlantic, the use of synchronized low frequency radio signals as a navigational aid revolutionized

Huawei Bags MCT Submarine Cable Contract

Huawei Marine has signed a system design and construction agreement with a consortium comprising Telekom Malaysia Berhad, Symphony Communication and Telcotech

Inmarsat 3rd Global Xpress Satellite's Launch Delayed

Inmarsat has provided an initial update on the launch schedule for Inmarsat-5 F3 (I-5 F3) following the failure of the preceding Proton Breeze M launch from

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1974 sec (5 req/sec)