https://www.businesswire.com/news/home/20180611006326/en/

LUXEMBOURG--(BUSINESS WIRE)--Jun 11, 2018--Intelsat S.A. (NYSE:I) today announced that it has priced its previously announced offering of 13,477,089 common shares, nominal value $0.01 per share (plus up to an additional 2,021,563 common shares potentially issuable pursuant to an option to purchase additional shares) at US$14.84 per common share. Intelsat has also priced its previously announced concurrent offering of US$350 million aggregate principal amount of 4.50% convertible senior notes due 2025 (the “notes”) (plus up to an additional US$52.5 million aggregate principal amount of notes pursuant to an option to purchase additional notes) in a private offering to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933. The offering of common shares is expected to close on June 14, 2018. The offering of the notes is expected to close on June 18, 2018. The offerings are each subject to customary closing conditions. The note offering was upsized from an initially announced aggregate principal amount of US$300 million.

The notes will be convertible into common shares under specified circumstances, subject to Intelsat’s option to cash settle such conversions in whole or in part. The initial conversion rate will be 55.0085 common shares per US$1,000 principal amount of the notes (equivalent to an initial conversion price of approximately US$18.18 per common share), subject to adjustments under specified circumstances. The initial conversion price for the notes represents a conversion premium of approximately 22.5% over the common share offering price. The notes will accrue interest at an annual rate of 4.50%, payable semiannually in arrears on June 15 and December 15 of each year, beginning December 15, 2018. The notes will mature on June 15, 2025, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date.