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Friday, September 30, 2016

Intelsat Announces Successful Receipt of Requisite Consents

October 4, 2012

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

Intelsat S.A. (I), 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  Notes previously tendered and Notes that are tendered after the Withdrawal Deadline may not be withdrawn, except as required by law.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Corporation, as Depositary for the Tender Offer and Consent Solicitation, that Notes were validly tendered and not withdrawn, and consents were delivered and not revoked, in respect of $442,302,000 in aggregate principal amount, or approximately 73.32%, of the outstanding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).

 



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