24th Jun 2005 10:07
Inmarsat PLC24 June 2005 24 June 2005 Inmarsat plc Inmarsat Investments Limited (a subsidiary of Inmarsat plc) establishes US$550million syndicated credit facility Inmarsat Investments Limited (a subsidiary of Inmarsat plc) is pleased toannounce the successful completion and signing yesterday of a new $550msyndicated credit facility led by Joint Bookrunners and Mandated Lead ArrangersBarclays Capital (the Investment Banking Division of Barclays Bank PLC), INGBank N.V. and The Royal Bank of Scotland plc. The facility is for generalcorporate purposes including refinancing existing debt, and was arranged inconnection with Inmarsat plc's recently announced listing on the London StockExchange (LSE:ISAT). The $550m five-year financing is split between a $250m amortising term loan anda $300m revolving credit facility. The term loan and drawings under therevolving credit facility are initially priced at 120bp above Libor andthereafter tied to a leveraged grid. The transaction was syndicated on a targeted basis among the company's corerelationship banks and despite being oversubscribed was not increased above the$550m initially sought. In addition to the three Mandated Lead Arrangers thereare nine Joint Lead Arrangers all of whom were lenders to Inmarsat InvestmentsLimited in the previous syndicated credit facility. Headquartered in London, Inmarsat is the leading provider of global mobilesatellite communications services, providing data and voice connectivity toend-users worldwide. Inmarsat has more than twenty-five years of experience indesigning, launching and operating its satellite-based network. With a fleet often owned and operated geostationary satellites, Inmarsat provides a wide rangeof data and voice services, including telephony, fax, video, email andhigh-speed intranet and internet access. Inmarsat's revenues, operating profitand EBITDA under UK GAAP for the full year 2004 were US$480.7 million, US$159.1million and US$303.6 million, respectively. For further information contact: Media Enquiries - Chris McLaughlin at Inmarsat plc on 44-20-7728-1015 Investor Enquiries - Simon Ailes at Inmarsat plc on 44-20-7728-1518 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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