SPOT Spotify Technology SA

PanAmSat Announces Tentative Pricing of Tender Offers for Its Outstanding 8 1/2% Senior Notes due 2012 and 6 1/8% Notes due 2005 WILTON, Conn., Aug. 6 /PRNewswire-FirstCall/ -- PanAmSat Corporation (the "Company" or "PanAmSat") (NASDAQ:SPOT) announced today that it had determined tentative pricing information in connection with 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" and, together with the 8 1/2% Notes, the "Notes") (the "6 1/8% Notes Tender Offer" and, together with the 81/2% Notes Tender Offer, the "Offers"). If the Offers expire on August 20, 2004, as currently scheduled, the Company will pay $1,164.20 for each $1,000 principal amount of 8 1/2% Notes purchased in the 8 1/2% Notes Tender Offer and $1,015.63 for each $1,000 principal amount of 6 1/8% Notes purchased in the 6 1/8% Notes Tender Offer, plus in each case accrued and unpaid interest from the last interest payment date up to, but not including, the settlement date. The Company reserves the right to extend the expiration time of the Offers subject to applicable law. In the event that the Offers are extended for any period of time longer than ten full business days from the currently scheduled expiration time, a new price determination date will be established with respect to the Offers. In the event that the Offers are extended for any period of time less than ten full business days from the currently scheduled expiration time, a new price determination date may be established. In such case, the expiration time for the Offers will be not less than two nor more than ten full business days after such new price determination date. If the Offers expire at the currently scheduled expiration time of 5:00 p.m., New York City time, on August 20, 2004, the Company expects to have the settlement date on August 24, 2004, subject to satisfying various conditions, including all conditions precedent to the sale of PanAmSat to affiliates of Kohlberg Kravis Roberts & Co. L.P., The Carlyle Group and Providence Equity Partners, Inc. As previously announced, the propulsion system failure on the Company's Galaxy 10R satellite allows the purchasers to not consummate the contemplated transactions. The purchase price for the 8 1/2% Notes includes a consent payment of $20.00 per $1,000 principal amount of 8 1/2% Notes, and the purchase price for the 6 1/8% Notes includes an early tender premium of $20.00 per $1,000 principal amount of 6 1/8% Notes. All holders who validly tender their Notes pursuant to the Offers prior to the expiration time (currently 5:00 p.m., New York City time, on August 20, 2004 unless the expiration time is extended) will receive the respective consent payment or early tender payment. The purchase price for the 8 1/2% Notes was determined by reference to a fixed spread of 50 basis points over the bid side yield (as quoted on Bloomberg screen PX5 at 2:00 p.m., New York City time, on August 6, 2004) of the 2.250% U.S. Treasury Note due February 15, 2007. The purchase price for the 6 1/8% Notes was determined by reference to a fixed spread of 50 basis points over the bid side yield (as quoted on Bloomberg screen PX3 at 2:00 p.m., New York City time, on August 6, 2004) of the 1.750% U.S. Treasury Note due December 31, 2004. 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 8 1/2% 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 61/8% 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 Corporation, +1-646-293-7415 Web site: http://www.panamsat.com/

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