Intelsat S.A. (NYSE: I) said that its subsidiary Intelsat Jackson Holdings S.A. has amended its senior secured credit agreement, which governs its approximately USD3.1bn senior secured term loan facility and USD500m revolving credit facility.
Among other things, the amendment reduced the interest rates applicable to borrowings under the term loan facility and extended the maturity of the term loan facility. In addition, it also reduced the interest rates applicable to USD450m of the USD500m total revolving credit facility and extended the maturity of such portion.
As a result of the amendment, interest rates for borrowings under the term loan facility and the new tranche of the revolving credit facility will be either the LIBOR rate plus 2.75%, a reduction from the rate applicable prior to the amendment of the LIBOR rate plus 3.00%, or the ABR plus 1.75%, a reduction from the rate applicable prior to the amendment of the ABR plus 2.00%.
Bank of America Merrill Lynch, J.P. Morgan and Credit Suisse served as joint lead arrangers and joint book runners. Barclays, Morgan Stanley, Deutsche Bank and Goldman Sachs served as joint book runners and HSBC served as manager.
Intelsat is the provider of fixed satellite services worldwide. For over 45 years, Intelsat has been delivering information and entertainment for many of the world´s leading media and network companies, multinational corporations, Internet Service Providers and governmental agencies.