16th Sep 2016 07:29
LONDON (Alliance News) - Inmarsat PLC on Friday announced the pricing for its offering of USD400.0 million of senior notes, stating the notes will carry a coupon of 6.5% per year.
The satellite network operator launched the offering on Wednesday but did not reveal what interest rate the notes would carry. On Friday, the company said the notes would carry a 6.5% coupon and be issued by its subsidiary, Inmarsat Finance PLC, at an issue price of 100%.
A rate of 6.5% suggests the USD400.0 million worth of notes would require an annual interest payment of around USD26.0 million.
The proceeds will be used to repay Inmarsat's USD107 million European Investment Bank facility, with the remainder for general corporate purposes, going towards strengthening the company's financial position and supporting its continued investment.
Inmarsat shares were down 0.4% to 712.50 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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