PanAmSat Holding Corp. announced Monday it intends to offer approximately $725 million of senior notes due 2016, and PanAmSat intends to offer approximately $575 million of senior notes due 2016.
The net proceeds from these offerings will be used, together with cash on hand, to fund a portion of the merger consideration for the acquisition of PanAmSat Holding by Intelsat (Bermuda) Ltd., a subsidiary of Intelsat Ltd.
PanAmSat Holding also has commenced an offer to purchase and consent solicitation for any and all of its outstanding 10-3/8 percent senior discount notes due 2014. If the tender offer is consummated, PanAmSat Holding will not issue the senior notes referred to above.
The notes referred to above will be offered to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. The notes will not be registered under the Securities Act of 1933, as amended and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
The company's statement said its announcement "shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the notes in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state."
