PanAmSat Announces Extension of the Expiration Time for the Tender Offers For Its Outstanding 8-1/2% Senior Notes due 2012 and 6
August 02 2004 - 6:08PM
PR Newswire (US)
PanAmSat Announces Extension of the Expiration Time for the Tender
Offers For Its Outstanding 8-1/2% Senior Notes due 2012 and 6-1/8%
Notes due 2005 WILTON, Conn., Aug. 2 /PRNewswire-FirstCall/ --
PanAmSat Corporation (the "Company" or "PanAmSat") (NASDAQ:SPOT)
announced today that it has extended the expiration time for the
cash tender offer (and related consent solicitation) relating to
the $800 million outstanding principal amount of its 8-1/2% Senior
Notes due 2012 ("8-1/2% Notes") (the "8-1/2% Notes Tender Offer")
and the cash tender offer relating to the $275 million outstanding
principal amount of its 6-1/8% Notes due 2005 ("6-1/8% Notes") (the
"6-1/8% Notes Tender Offer" and, together with the 8-1/2% Notes
Tender Offer, the "Offers") to 5:00 p.m., New York City time, on
August 20, 2004. The price determination date for the Offers will
still be the tenth business day immediately preceding the
expiration date (currently August 6, 2004, unless the expiration
date is extended). The 8-1/2% Notes Tender Offer is being made
pursuant to an Offer to Purchase and Consent Solicitation Statement
(the "8-1/2% Notes Offer to Purchase") dated July 14, 2004, which
more fully sets forth the terms and conditions of the 8-1/2% Notes
Tender Offer. The 6-1/8% Notes Tender Offer is being made pursuant
to an Offer to Purchase (the "6-1/8% Notes Offer to Purchase")
dated July 14, 2004, which more fully sets forth the terms and
conditions of the 6-1/8% Notes Tender Offer. As of 5 p.m., New York
City time, on July 30, the Company had received consents and
tenders for over 99% of the principal amount of the 8-1/2% Notes
and tenders for over 91% of the principal amount of the 6-1/8%
Notes. Citigroup Global Markets Inc. is acting as dealer manager
and solicitation agent for the 8-1/2% Notes Tender Offer. The
information agent for the 8-1/2% Notes Tender Offer is Global
Bondholder Services Corporation. The tender agent for the 8-1/2%
Notes Tender Offer is The Bank of New York. Questions regarding the
8-1/2% Notes Tender Offer may be directed to Citigroup Global
Markets Inc., telephone number (800) 558-3745 (toll free) and (212)
723-6106 (call collect). Requests for copies of the 81/2% Notes
Offer to Purchase and related documents may be directed to Global
Bondholder Services Corporation, telephone number (866) 952-2200
(toll free) and (212) 430-3774. Citigroup Global Markets Inc. is
acting as dealer manager for the 6-1/8% Notes Tender Offer. The
information agent for the 6-1/8% Notes Tender Offer is Global
Bondholder Services Corporation. The tender agent for the 6-1/8%
Notes Tender Offer is JPMorgan Chase Bank. Questions regarding the
6-1/8% Notes Tender Offer may be directed to Citigroup Global
Markets Inc., telephone number (800) 558-3745 (toll free) and (212)
723-6106 (call collect). Requests for copies of the 6-1/8% Notes
Offer to Purchase and related documents may be directed to Global
Bondholder Services Corporation, telephone number (866) 952-2200
(toll free) and (212) 430-3774. This announcement is not an offer
to purchase, a solicitation of an offer to purchase, or a
solicitation of consents with respect to the 8-1/2% Notes or the
6-1/8% Notes nor is this announcement an offer or solicitation of
an offer to sell any securities. The 8-1/2% Notes Tender Offer and
6-1/8% Notes Tender Offer are made solely by means of the 8-1/2%
Notes Offer to Purchase and 6- 1/8% Notes Offer to Purchase,
respectively. Through its owned and operated fleet of 24
satellites, PanAmSat is a leading global provider of video,
broadcasting and network distribution and delivery services. In
total, the Company's in-orbit fleet is capable of reaching over 98
percent of the world's population through cable television systems,
broadcast affiliates, direct-to-home operators, Internet service
providers and telecommunications companies. In addition, PanAmSat
supports the largest concentration of satellite-based business
networks in the U.S., as well as specialized communications
services in remote areas throughout the world. This document
contains forward-looking statements within the meaning of the safe
harbor provisions of the Securities Litigation Reform Act of 1995.
Terms such as "will," "expect," "believe," "continue," and "grow,"
as well as similar comments, are intended to identify
forward-looking statements and information. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. These forward-looking statements are
based on estimates and assumptions by the Company's management
that, although the Company believes to be reasonable, are
inherently uncertain and subject to a number of risks and
uncertainties. Factors that could cause actual results to differ
materially from the Company's expectations include general business
and economic conditions, competitive factors, and fluctuations in
demand. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as otherwise required by law.
Please refer to the Company's Securities and Exchange Commission
filings for further information. DATASOURCE: PanAmSat Corporation
CONTACT: Kathryn Lancioni of PanAmSat, +646-293-7415 Web site:
http://www.panamsat.com/
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