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Intelsat raises USD 472 million in IPO
2013-04-18 14:02:00| Telecompaper Headlines
(Telecompaper) Satellite operator Intelsat has raised USD 471.7 million in its initial public offering of shares, net of underwriting costs. The company sold 19.32 million common shares at USD 18 per share, below the indicated range of USD 21-25 per share, as well as 3 million convertible, non-voting preference shares at USD 50 each. The preference shares carry a dividend rate of 5.75 percent and will convert automatically to common shares on 01 May 2016. The underwriters have a 30-day option to purchase up to an additional 2.9 million common shares and 450,000 preferred shares. Intelsat's shares will be listed on the New York Stock Exchange. The company intends to use substantially all of the net proceeds from the IPO to reduce debt.
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Category:Telecommunications