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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1702 sec (6 req/sec)