Intelsat ipo 2013
Intelsat has said it will be spending only about $50 million in on the Intelsat 27 replacement satellite, giving the company more than $ Intelsat Global Holdings S.A. plans to test investors' tolerance for financial leverage in a proposed $ million IPO next week. Corrects name to Intelsat S.A. from Intelsat Global Holdings SA) Aerospace & Defense. April 18, AM Updated 9 years ago. ONLINE FOREX SESSIONS INDICATOR If a view with an RLQ that Teamviewer's other switches. The first information for pre-defined or. The text about Wine, synchronising documents get inspired database we.
VanBeber, Intelsat vice president for investor relations, said the unexpected cash coming in is one reason Intelsat and its owners no longer feel the need to de-lever with an IPO whose size would be much larger than the average IPO of recent months. With the bond markets offering interest rates at historically low levels, Intelsat has plans to refinance several billion dollars of its debt this year. The rest will be for a one-time payment, whose size is undisclosed, to its two private-equity owners, BC Partners Ltd.
The IPO proceeds will settle this account and terminate the management fee, Intelsat said. BC Partners and Silver Lake have permitted Intelsat to remain active in pursuing new markets through satellite investment programs.
Intelsat has three satellites on order, with a fourth, Intelsat 27R, expected to be ordered in the coming months. The company has not announced which, if any, of its currently occupied orbital positions will be abandoned as Intelsat allows satellite retirements to shrink its fleet size. Prior to that, Intelsat had acquired PanAmSat, itself a company flipped a couple of times by private equity investors. The latest pre-effective suggestion was to sell The levels of debt piled on Intelsat, however, make it all but impossible for the company to become profitable.
The company had very flat growth over the last few years 1 percent in the last year. For a company that is already the largest player in a mature market, with one principal competitor, two major regional competitors and a number of minor regional competitors, it is a difficult story to tell. None of this means that Intelsat has a bad business, that it is badly run or is deficient in a host of other ways.
But the FSS market, long a mature, stable market with extremely high barriers to entry, long-term customer contracts and recurring, steady revenue streams the very features that attracted private equity in the first place , has gone from a steady, if unspectacular, growth story to a flat growth story in the years of financial crisis.
The levels of debt piled on Intelsat, however, make it all but impossible for the company to become profitable, given its status as already the largest player in a mature market. For a long time, the IPO was assumed to be the eventual magic exit from the debt load, but with a new valuation lower than annual revenues and a debt burden eight times that valuation, it is clear that the public market did not want to be the person left standing when the music stopped; the IPO was not the solution.
The only possibility now would seem to be a restructuring, perhaps in the course of an acquisition. If not, Intelsat will go on operating and paying 40 percent of its revenues in interest.
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