13th Nov 2007 11:55
Inmarsat PLC13 November 2007 THIS ANNOUNCEMENT IS NOT FOR PUBLICATION OR DISTRIBUTION OR RELEASE, DIRECTLY ORINDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANYOTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLELAW 13th November 2007 Inmarsat plc Offering of US$265 million 1.75 per cent Convertible Bonds due 2017 London, England, 13th November, 2007 - Inmarsat plc ("Inmarsat", the "Company"),(London Stock Exchange ISAT LN) announced today that it intends to make anoffering (the "Offering") of US$265 million in principal amount of 1.75 per centConvertible Bonds due 2017 (the "Bonds"). In addition, there is an increaseoption of US$25 million in principal amount of the Bonds that Inmarsat hasgranted to the Joint Bookrunners of the Offering. The Bonds to be issued by the Company are convertible into ordinary shares of€0.0005 each of the Company and are expected to have a semi-annual coupon of1.75 per cent, a semi-annual yield to maturity / put in the range of 4.50 percent - 5.00 per cent and a conversion premium of 25.0 per cent to 30.0 per cent.The Bonds will be issued at 100 per cent of their principal amount and, unlesspreviously redeemed, converted or cancelled, will mature on 16th November 2017at a redemption price of 134.25 per cent to 141.51 per cent. The Company willhave an option to call the Bonds after 7 years at their accreted principalamount under certain circumstances. In addition, the holder of each Bond willhave the right to require the Company to redeem such Bond at its accretedprincipal amount at years 5 and 7. The net proceeds of the Bond issue are expected to be used to fund directly orindirectly a loan that Inmarsat Finance III Limited ("Inmarsat III") has agreedto provide to CIP UK Holdings Limited ("CIP UK"). As previously announced on19th March 2007 CIP UK will use the proceeds of the loan to fund the acquisitionby its subsidiary, CIP Canada Investment Inc ("CIP Canada"), of the entireissued share capital of Stratos Global Corporation ("Stratos") (TSX:SGB), aswell as the fees and expenses related to such acquisition. CIP Canada'sacquisition of Stratos is expected to complete before the end of the year. The Bonds are expected to be issued on or around 16th November 2007. A further announcement will be made in due course setting out the final terms ofthe Bonds, but no other details. These materials are not for distribution, directly or indirectly, in or into theUnited States. They are not an offer of securities for sale into the UnitedStates. The Bonds may not be offered or sold in the United States or to, or forthe account or benefit of, US persons (as such term is defined in Regulation Sunder the Securities Act of 1933), unless they are registered or exempt fromregistration. There will be no public offer of securities in the United States. This press release shall not constitute an offer to sell or a solicitation of anoffer to buy securities nor shall there be any sale of any securities in anyjurisdiction in which such an offer, solicitation or sale would be unlawfulprior to registration of qualification under the securities laws of suchjurisdiction. Lehman Brothers International (Europe) and JP Morgan Cazenove are acting asJoint Bookrunners and Lead Managers of the Offering. Inmarsat plc (LSE: ISAT LN) is the leading provider of global mobile satellitecommunications. Since 1979, Inmarsat has been providing reliable voice andhigh-speed data communications to governments, enterprises and otherorganisations, with a range of services that can be used on land, at sea or inthe air. The company's services are delivered through a global network of morethan 500 distribution partners and service providers operating in 180countries. For the year ended 31 December 2006, Inmarsat plc had total revenueof US$500.1 million and profit before tax of US$89.8 million. Enquiries Inmarsat, London, UK Investor EnquiriesSimon Ailes, +44 20 7728 [email protected] Media EnquiriesChristopher McLaughlin, +44 20 7728 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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