Technology

Intelsat expected to raise $471.7 million from IPO

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MUMBAI: Intelsat, world‘s leading provider of satellite services, is expected to raise net proceeds of approximately $471.7 million after deducting the underwriting discounts and commissions and estimated offering expenses, from its initial public offering on the New York Stock Exchange.

This is well below the $1.75 billion target that the satellite operator had set for itself while filing for the IPO 11 months ago.

Intelsat is offering 19.32 million common shares at a price of $18 per share and concurrent public offering of three million Series A mandatory convertible junior non-voting preferred shares at a price of $50 per share.

Total net proceeds from the offering of common shares, after deducting the underwriting discounts and commissions and estimated offering expenses, is expected to be approximately $328.8 million.

Total net proceeds from the offering of Series A preferred shares, after deducting the underwriting discounts and commissions, is expected to be approximately $142.9 million.

The Company intends to use substantially all of the net proceeds from the offerings to repay, redeem, retire or repurchase a portion of its outstanding indebtedness.

Intelsat is the leading provider of 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.

For the fiscal ended 31 December 2012, Intelsat had reported net loss of $146.6 million on revenues of $2.6 billion. The company had a contracted backlog of $10.7 billion.

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