Intelsat Announces Successful Receipt of Requisite Consents

Press Release
Thursday, October 04, 2012

Intelsat Announces Successful Receipt of Requisite Consents Relating to Certain Notes of Intelsat Jackson Holdings S.A.  

Intelsat S.A., a provider of satellite services, has announced that its subsidiary, Intelsat Jackson Holdings S.A. ("Intelsat Jackson"), has received the requisite consents to amend certain terms of the indenture governing its 11 ¼% Senior Notes due 2016 (the "Notes") in connection with its previously announced Tender Offer and Consent Solicitation (each as defined below).  The amendments, among other things, amend the indenture governing the Notes to eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in that indenture.


As previously announced, on September 19, 2012, Intelsat Jackson commenced a tender offer to purchase for cash any and all of its outstanding $603,220,000 aggregate principal amount of Notes (the "Tender Offer").  In connection with the Tender Offer, Intelsat Jackson also solicited the consent of the holders of the Notes to the amendments described above (the "Consent Solicitation").    


The Tender Offer and Consent Solicitation are subject to the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated September 19, 2012, relating thereto (the "Offer to Purchase and Consent Solicitation Statement").


The withdrawal deadline relating to the Tender Offer occurred at 12:00 midnight, New York City time, on Tuesday, October 2, 2012 (the "Withdrawal Deadline").  Notes previously tendered and Notes that are tendered after the Withdrawal Deadline may not be withdrawn, except as required by law.  The Tender Offer is scheduled to expire at 12:00 midnight, New York City time, on Wednesday, October 17, 2012, unless extended or earlier terminated by Intelsat Jackson (the "Expiration Time").


As of 12:00 midnight, New York City time, on October 2, 2012 (the "Consent Time"), Intelsat Jackson has been advised by Global Bondholder Services Corporation, as Depositary for the Tender Offer and Consent Solicitation, that Notes were validly tendered and not withdrawn, and consents were delivered and not revoked, in respect of $442,302,000 in aggregate principal amount, or approximately 73.32%, of the outstanding $603,220,000 aggregate principal amount of Notes. As a result, 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.


Subject to the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, Intelsat Jackson will accept for purchase all Notes tendered and not withdrawn prior to the Withdrawal Deadline and intends to accept for purchase all Notes tendered after Withdrawal Deadline and prior to the Expiration Time.  


Intelsat Jackson has retained Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC to act as the joint dealer managers and joint solicitation agents (together, the "Dealer Managers") for the Tender Offer and Consent Solicitation. Global Bondholder Services Corporation is acting as the Information Agent and the Depositary for the Tender Offer and Consent Solicitation. Questions regarding the Tender Offer or Consent Solicitation should be directed to Morgan Stanley & Co. LLC at 1 (800) 624-1808 (toll-free) or 1 (212) 761-1057 (collect) or Credit Suisse Securities (USA) LLC at 1 (800) 820-1653 (toll-free) or 1 (212) 538-7249 (collect).  Requests for documentation should be directed to Global Bondholder Services Corporation at 1 (866) 470-3900 (toll-free) or 1 (212) 430-3774 (collect).

 

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

Technology

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Wärtsilä Steerable Thruster Gets Class Approval

DNV-GL approved the design of the Wärtsilä WST-14 thruster, significant as approval was granted based on a thruster design that has yet to be introduced into full series production.

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Contracts

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Finance

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Communication

General Dynamics is Link Govt-level Security to Consumer Smartphone

General Dynamics C4 Systems recently received the Defense Mobile Classified Capability (DMCC) contract from the National Security Agency (NSA). As part of the contract,

Gazprom to Counter Negative Global Market Trends

The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

SatCom

Iridium Partners with Trimble to Support Expansion

Iridium Communications Inc. announced an agreement with Trimble that expands the company's use of satellite communications in its core Transportation and Logistics

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics 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: 0.1927 sec (5 req/sec)