1st Sep 2016 07:03
LONDON (Alliance News) - Inmarsat PLC said Thursday it had successfully placed USD650 million convertible bonds due 2023, which is USD50 million more than its planned bond placing due to "considerable demand".
The net proceeds of the issue of the new bonds will be used primarily to fund the around USD390 million repurchase of Inmarsat's outstanding 1.75% USD287.7 million convertible bonds due 2017 and their related accrued interest.
The remainder of the proceeds will be used to "further strengthen" the satellite company's financial position, and support its investment strategy, Inmarsat said.
"The new bonds will be issued as part of the Inmarsat group's ongoing plans to optimise financing costs and the group's debt maturity profile. The group currently intends to launch a further benchmark offering in the debt capital markets this year, subject to market conditions," it said.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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