Provides for Reduction of Company’s Debt by More Than Half, from Nearly $15 Billion to $7 Billion
MCLEAN, Va., February 12, 2021 (Intelsat PR) – Intelsat S.A. (OTC: INTEQ), operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure, today announced that it has obtained the support of key creditor constituencies on the terms of a comprehensive financial restructuring that would reduce the Company’s debt by more than half – from nearly $15 billion to $7 billion – and position the Company for long-term success.
Shaping the future with Intelsat: provision of next-generation Software Defined Satellites for global telecommunications services
New success for OneSat, reinforcing its leading position in the market
Toulouse / Mclean, Va, 8 January 2021 – Airbus has signed a contract with Intelsat to build two OneSat satellites operating in multiple frequency bands for Intelsat’s next-generation software-defined network. The contract was signed on 31 December 2020.
WESTMINSTER, Colo. (Maxar Technologies PR) — Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a trusted partner and innovator in Earth Intelligence and Space Infrastructure, today announced it will build the Galaxy 37 geostationary communications satellite for Intelsat, operator of the world’s largest integrated satellite and terrestrial network. Galaxy 37 is the sixth Intelsat geostationary communications satellite awarded to Maxar in 2020.
Galaxy 37 will join four previously ordered satellites from Maxar in helping Intelsat transition its existing media distribution and contribution services–uninterrupted–from the 3.7 to 4.0 gigahertz portion of the C-band, to the 4.0 to 4.2 gigahertz portion of the band, freeing up spectrum for 5G terrestrial wireless services.
McLean, Va. (Intelsat PR) – Intelsat, operator of the world’s largest integrated satellite and terrestrial network, today announced it has finalized all of its required contracts with satellite manufacturers and launch-vehicle providers to move forward and meet the accelerated C-band spectrum clearing timelines established by the Federal Communications Commission (FCC) earlier this year.
The company has entered into a formal agreement with U.S.-based Maxar Technologies to build the final satellite required to support its C-band transition and maintain the FCC’s post-transition, “same or better” quality-of-service standard. Earlier this summer, Intelsat announced manufacturing contracts with Maxar and U.S.-based Northrop Grumman for six satellites.
Combination Brings Together the World’s Largest Satellite Network and the Leading Provider of Commercial In-flight Connectivity.
Will Redefine the In-flight Broadband Experience and Offer More Robust Solutions for Airlines and Passengers.
McLean, Va., August 31, 2020 (Intelsat PR) – Intelsat (OTC: INTEQ), operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure, today announced that it has entered into a definitive agreement to acquire the commercial aviation business of Gogo (NASDAQ: GOGO), the largest global provider of in-flight broadband connectivity, for $400 million in cash, subject to customary adjustments.
McLean, Va., August 15, 2020 (Intelsat PR) – Intelsat, operator of the world’s largest integrated satellite and terrestrial network, announced the successful launch of Galaxy 30, a geosynchronous communications satellite that will primarily provide high-performance television distribution service to Intelsat’s North American customers.
Northrop Grumman’s Mission Extension Vehicle 2 (MEV-2) was part of the same successful launch on Saturday. The Intelsat 10-02 satellite is scheduled to be its first customer in early 2021.
KOUROU, French Guiana (Arianespace PR) — Arianespace Flight VA253 – which will utilize an increased-lift Ariane 5 version – is a “go” for launch on August 14 following an additional Launch Readiness Review (LRR) performed today in French Guiana.
This approval clears the way for Ariane 5’s return to the Spaceport’s ELA-3 launch zone tomorrow, followed by the final countdown leading to an evening liftoff on Friday.
KOUROU, French Guiana (Arianespace PR) — Final step in Ariane 5 latest performance improvement program decided in 2016, Flight VA253 brings the total increase in payload capacity to 300 kg since then.
The two of the three companies whose satellites are being launched are both long-standing customers – Intelsat for 37 years and B-SAT for 23 years – clearly proving the excellence of Arianespace’s service offering and long-term customer relations.
The spacecraft will launch together on an Arianespace 5 rocket; MEV-2 set to dock with Intelsat satellite in early 2021
DULLES, Va., June 30, 2020 (Northrop Grumman PR) – Northrop Grumman Corporation (NYSE: NOC) announced today the arrival of the company-built Galaxy 30 (G-30) spacecraft for Intelsat and the Mission Extension Vehicle 2 (MEV-2) at the launch site in Kourou, French Guiana. The vehicles are scheduled to launch late July 2020, in a stacked configuration onboard an Ariane 5 rocket.
Contracts in place with U.S. manufacturers Maxar Technologies and Northrop Grumman
McLean, Va. (Intelsat PR) – Intelsat, operator of the world’s largest integrated satellite and terrestrial network, today announced that it has contracted for new satellites with U.S. manufacturers, a necessary step to meet the accelerated C-band spectrum clearing timelines established by the Federal Communications Commission (FCC) earlier this year.
Intelsat has entered into two new agreements; one with Maxar Technologies to build and deliver four satellites, and another with Northrop Grumman to build and deliver two satellites. Intelsat is currently in negotiations with manufacturers for a seventh satellite required to support its C-band transition.
McLean, Va., May 13, 2020 (Intelsat PR) – Intelsat S.A. (NYSE: I) (“Intelsat” or the “Company”), operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure, today announced that it has undertaken a financial restructuring to position the Company for long-term success. The restructuring process is intended to enhance the Company’s liquidity and will likely result in a substantial reduction of Intelsat’s legacy debt burden, allowing for Intelsat to emerge with a strengthened balance sheet to complement its strong operating model and future growth plans.
One of the primary catalysts for restructuring the balance sheet now is Intelsat’s desire to participate in the accelerated clearing of C-band spectrum under the Federal Communications Commission order in support of a build-out of 5G wireless infrastructure in the United States. To meet the FCC’s accelerated clearing deadlines and ultimately be eligible to receive $4.87 billion of accelerated relocation payments, Intelsat needs to spend more than $1 billion on clearing activities. These clearing activities must start immediately, long before costs begin to be reimbursed. The Company is also managing the economic slowdown impacting several of its end markets caused by the COVID-19 global health crisis.
FALLS Church, Va. (Northrop Grumman PR) — A satellite may be healthy and fully operational, but it can still be retired if its fuel supply has depleted. Once fuel runs dry, that’s it: The satellite is done, unusable. Enter the Mission Extension Vehicle (MEV).
MCLEAN and DULLES, Va., April 17, 2020 (Northrop Grumman PR) – Intelsat (NYSE: I) today announced that Intelsat 901 has returned to service following the successful docking with the first Mission Extension Vehicle (MEV-1) from Northrop Grumman Corporation (NYSE: NOC) and the company’s wholly-owned subsidiary, SpaceLogistics LLC, on February 25 – the first time that two commercial spacecraft docked in geostationary orbit.
Bloomberg has an update on Intelsat, which is near bankruptcy:
Intelsat SA is seeking backers for a bankruptcy loan that would keep the satellite service in business under Chapter 11 court protection while it’s waiting for billions of dollars in proceeds from a government spectrum auction. Its bonds led decliners in the high-yield market.
JPMorgan Chase & Co. is shopping the debtor-in-possession loan to institutional investors, many of whom specialize in financial restructuring, according to people with knowledge of the plans. The loan of about $750 million would help fund necessary improvements to Intelsat’s spectrum ahead of the C-Band auction set to begin later this year.
No formal decisions have been made on the loan, said one of the people. The situation remains fluid and plans could change, depending on market conditions, the people said. They asked not to be identified discussing the private arrangements.
MCLEAN, Va. (Intelsat PR)–Intelsat (NYSE: I) has selected SpaceX as its launch partner for Intelsat 40e (IS-40e). The launch is planned for 2022 on SpaceX’s American-built Falcon 9 launch vehicle.
“We look forward to working with SpaceX to launch Intelsat 40e in 2022,” said Intelsat Chief Services Officer Mike DeMarco. “IS-40e will join the Intelsat Epic high-throughput satellite fleet and integrated IntelsatOne ground network to provide our customers with the managed hybrid-connectivity they need in today’s ever-changing world.”