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It's
taking up a public position. Satellite operator Intelsat
Ltd, announced on 8 March, that it would be making an initial
public offering of its ordinary shares valued at around
$500 million before end 2002. The company is also giving
its current shareholders a chance to offload their stock
during the IPO.
In
a press release issued yesterday, Intelsat said that it
expects to file its IPO registration statement with the
US Securities & Exchange Commission in mid-2002.
The
purpose of the IPO: to raise funds for general corporate
purposes and to repay outstanding debt, and to comply with
the Open-Market Reorganization for the Betterment of International
Telecommunications Act (known as the ORBIT Act). Under this
act, Intelsat Ltd has to complete its IPO before 31 December
2002.
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