Inmarsat US$650m 3.875% convertible bonds due 2023
Repurchase the US$287.7m 1.75% convertible bonds due 2017 (about US$390m), balance to strengthen the balance sheet
Key terms
- Borrower or issuer
- Inmarsat
- Date
- 31 Aug 2016
- Type
- Convertible
- Amount
- US$650m
- Pricing
- 3.875% coupon; conversion price US$13.4093 (32.5% premium)
- Maturity
- 2023
Recorded terms
- Structure
- Seven-year convertible bonds, net share settled, upsized by US$50m; settlement 9 September 2016
- Lenders and arrangers
- Credit Suisse and J.P. Morgan Cazenove (joint bookrunners), BofA Merrill Lynch (co-bookrunner)
- Country
- United Kingdom
Parties
- Inmarsat borrower or issuer
- bookrunner/arranger: BofA Securities, J.P. Morgan, Credit Suisse
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 14 Jun 2018 | Intelsat US$350m 4.50% convertible senior notes due 2025 | Convertible | US$350m |
| 14 Jan 2022 | Virgin Galactic US$425m 2.50% convertible senior notes due 2027 | Convertible | US$425m |
| 1 Feb 2024 | Rocket Lab US$355m 4.25% convertible notes due 2029 | Convertible | US$355m |
| 15 Apr 2024 | Satellogic US$30m secured convertible notes (Tether) | Convertible | US$30m |
| 27 Jan 2025 | AST SpaceMobile US$400m 4.25% convertible senior notes due 2032 | Convertible | US$400m |
More from Inmarsat
| Date | Financing | Type | Amount |
|---|---|---|---|
| 28 Mar 2024 | Inmarsat US$1.85bn term loan and revolver refinancing (2024) | Bank facility | US$1.85bn |
| 12 Dec 2019 | Inmarsat US$2.45bn take-private bank facilities (2019) | Bank facility | US$2.45bn |
| Oct 2019 | Inmarsat US$2.08bn 6.75% senior secured notes due 2026 (take-private financing) | Bond | US$2.08bn |
| 15 Sep 2016 | Inmarsat US$400m 6.500% senior notes due 2024 | Bond | US$400m |
M&A and investment involving Inmarsat
| Date | Deal | Type | Value |
|---|---|---|---|
| 30 May 2023 | Viasat acquisition of Inmarsat | M&A | US$7.3bn |
| Dec 2019 | Connect Bidco take-private of Inmarsat | M&A | Not disclosed |
Sources
- Inmarsat: successful placement of $650 million convertible bonds due 2023 (archived company release) web.archive.org · 31 Aug 2016
About this record
Record ORB-2016-0010, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A convertible pays a low coupon because holders can swap the notes for shares above a premium; capped calls and the conversion price set the dilution.
