Intelsat Jackson Receives Requisite Consents to Amend Certain Notes

MarineElectronics.com
Tuesday, May 21, 2013
Photo: Intelsat

Satellite service provider Intelsat S.A. announced that its subsidiary, Intelsat Jackson Holdings S.A., received the requisite consents to amend certain terms of the indenture governing its 8.5% senior notes due 2019 in connection with its previously announced consent solicitation.

The amendments, among other things, amend the indenture governing the notes so that Intelsat Jackson and its restricted subsidiaries would be permitted to make certain restricted payments (as defined in the indenture) if, after giving effect to such transaction on a pro forma basis, Intelsat Jackson’s Debt to Adjusted EBITDA Ratio (as defined in the indenture) would be less than or equal to 6 to 1, in each instance of such Restricted Payment, rather than 5.5 to 1.

As previously announced, on May 13, 2013, Intelsat Jackson solicited the consent of the holders of the notes to the amendments described above.

The consent solicitation is subject to the terms and conditions set forth in the consent solicitation statement, dated May 13, 2013, as modified by Intelsat’s press release of earlier today increasing the Consent Payment to $22.50.

As of 5 p.m., New York City time, on May 20, 2013, Intelsat Jackson has been advised by Global Bondholder Services Corporation, as depositary for the consent solicitation, that the requisite consent of noteholders was obtained, and Intelsat Jackson and Wells Fargo Bank, National Association, as trustee under the indenture governing the Notes, entered into a supplemental indenture implementing the amendments to the indenture governing the notes.

www.intelsat.com

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

People & Company News

Hapag-Lloyd Adds 6,000 Reefer Containers

In order to profit from the growing reefer markets in South America and Asia, Hapag-Lloyd has ordered 6,000 cutting-edge reefer containers – more than ever before in the company’s history.

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

Neander Deal Sees Yanmar Return to Diesel Outboards

Marking its return to the diesel outboard market, engineering company Yanmar Marine International (YMI) has reached an agreement for exclusive distribution rights

Finance

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

US Oil Drillers Cut Rigs as Crude Prices Collapse

U.S. energy firms cut a surprisingly sharp 13 oil rigs this week, the first drop in seven weeks, as a renewed slump in prices this summer forced drillers to make a second round of cut-backs.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators
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: 0.1958 sec (5 req/sec)