Inmarsat PLC Successful $400m bond offering announced (0080K)
September 16 2016 - 2:00AM
UK Regulatory
TIDMISAT
RNS Number : 0080K
Inmarsat PLC
15 September 2016
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO
AUSTRALIA, CANADA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH
OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE
LAW. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS PRESS
RELEASE.
Inmarsat prices successful offering of $400 million Senior
Notes
London, UK: 15 September 2016. Inmarsat plc (LSE: ISAT.L)
("Inmarsat") announces the pricing of an offering of debt
securities by Inmarsat Finance plc, a wholly-owned subsidiary of
the company. Inmarsat will issue $400 million of 6.500% Senior
Notes due 2024 (the "Notes") at an issue price of 100.00%. The
Notes pay a coupon of 6.500% per annum and are guaranteed on a
senior unsecured basis by Inmarsat Group Limited and on a senior
subordinated and unsecured basis by Inmarsat Investments and
certain of its subsidiaries. Inmarsat intends to use the proceeds
to repay the EIB facility (approximately $107 million) and the
remainder for general corporate purposes. The Notes will be issued
on 22 September 2016, subject to customary closing conditions.
The issuance of the Notes will conclude Inmarsat's intended
near-term financing activity and follows the recent successful
issuance of the new convertible bond due 2023 and the repurchase of
the existing convertible bond due 2017. Across the Notes and new
convertible bond, Inmarsat has raised total proceeds of
$1,050,000,000 on attractive terms. The net proceeds of this
activity will further strengthen Inmarsat's financial position and
support its existing strategy of continued investment in innovation
and the delivery of global mobile satellite service solutions,
where Inmarsat continues to see opportunities for sustained
profitable growth.
This press release is for information purposes only and does not
constitute a prospectus or any offer to sell or the solicitation of
an offer to buy any security in the United States or in any other
jurisdiction. The Notes have not been and will not be registered
under the U.S. Securities Act of 1933 (the "Securities Act") and
may not be sold in the United States absent an exemption from the
registration requirement of such act. The Notes will be offered in
a private offering exempt from the registration requirements of the
Securities Act and will accordingly be offered only to (i)
qualified institutional buyers pursuant to Rule 144A under the
Securities Act and (ii) non-US persons outside the United States in
compliance with Regulation S under the Securities Act.
The offering of the Notes is addressed to, and directed in
member states of the European Economic Area (the "EEA") which have
implemented the Prospectus Directive (the "Prospectus Directive")
at, persons who are "qualified investors" within the meaning of
Article 2(1)(e) of the Prospectus Directive (directive 2003/71/EC,
as amended) ("qualified investors"). In addition, in the United
Kingdom, the offering of the Notes is directed only at qualified
investors (i) who have professional experience in matters relating
to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the "Order") or (ii) qualified investors falling within
Article 49(2)(a) to (d) of the Order, or (iii) to whom it may
otherwise lawfully be communicated under the Order (all such
persons together being referred to as "relevant persons"). This
announcement must not be acted on or relied on by persons who are
not relevant persons in the United Kingdom or qualified investors
elsewhere in the EEA as the case may be. Any investment or
investment activity to which this announcement relates is available
only to relevant persons and will be engaged in only with relevant
persons or qualified investors as the case may be.
Certain statements in this announcement constitute
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve risks, uncertainties and other factors that may
cause our actual results, performance or achievements, or industry
results, to be materially different from those projected in the
forward-looking statements. These factors include: general economic
and business conditions; changes in technology; timing or delay in
signing, commencement, implementation and performance of
programmes, or the delivery of products or services under them;
structural change in the satellite industry; relationships with
customers; competition; and ability to attract personnel. You are
cautioned not to rely on these forward-looking statements, which
speak only as of the date of this announcement. We undertake no
obligation to update or revise any forward-looking statement to
reflect any change in our expectations or any change in events,
conditions or circumstances.
This announcement is not an offer for sale of securities nor
shall it constitute an offer to sell, or the solicitation of an
offer to buy, and there shall not be any sale of, these securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Inmarsat Finance plc has
not registered, and does not intend to register, any portion of the
offering, and does not intend to conduct a public offering of
securities.
Contacts:
Investor Enquiries: Media Enquiries:
Morten Singleton Chris McLaughlin/ Jonathan
Tel: +44 (0)20 7728 Sinnatt
1518 Tel: +44 (0)20 7728 1935
Morten.singleton@inmarsat.com Chris.mclaughlin@inmarsat.com
Jonathan.sinnatt@inmarsat.com
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This information is provided by RNS
The company news service from the London Stock Exchange
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