Intelsat US$1bn debtor-in-possession term loan (2020)
Working capital, potential C-band relocation costs and Chapter 11 case costs
Key terms
- Borrower or issuer
- Intelsat
- Date
- 17 Jun 2020
- Type
- Bank facility
- Amount
- US$1bn
- Pricing
- LIBOR + 5.50% (or base rate + 4.50%); 3.6% ticking fee on undrawn commitments
- Maturity
- 2021-07-13
Recorded terms
- Structure
- Non-amortising multiple-draw superpriority secured DIP term loan to Intelsat Jackson: US$500m new money at closing, further draws in US$250m steps
- Lenders and arrangers
- Prepetition secured lenders; Credit Suisse AG, Cayman Islands Branch as collateral agent
- Country
- Luxembourg
Parties
- Intelsat borrower or issuer
- Lenders: Credit Suisse
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More from Intelsat
| Date | Financing | Type | Amount |
|---|---|---|---|
| 20 Dec 2021 | Intelsat DIP-to-exit financing on emergence from Chapter 11 | Bank facility | US$7.88bn |
| 7 Jun 2019 | Intelsat US$400m 9.750% senior notes due 2025 | Bond | US$400m |
| 3 Oct 2018 | Intelsat US$700m 8.500% senior notes due 2024 | Bond | US$700m |
| 6 Sep 2018 | Intelsat US$2,000m 8.500% senior notes due 2024 | Bond | US$2bn |
| 2 Aug 2018 | Intelsat US$1,000m 9.50% senior notes due 2023 | Bond | US$1bn |
| 14 Jun 2018 | Intelsat US$350m 4.50% convertible senior notes due 2025 | Convertible | US$350m |
M&A and investment involving Intelsat
| Date | Deal | Type | Value |
|---|---|---|---|
| 17 Jul 2025 | SES acquisition of Intelsat | M&A | US$2.6bn |
| 1 Dec 2020 | Intelsat acquisition of Gogo Commercial Aviation | M&A | US$400m |
Sources
- Intelsat Form 8-K: debtor-in-possession credit facility sec.gov · 18 Jun 2020
About this record
Record ORB-2020-0012, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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 revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
