Intelsat Obtains Two Credit Facilities for $1 Billion

Intelsat has obtained credit facilities for a total of $1 billion, from a syndicate of lenders arranged by Salomon Smith Barney. The financings represent significant initial funding for Intelsat, the first since its privatization in July 2001.

The credit arrangements include a 364-day facility in the amount of $500 million and a three-year facility in the same amount. The facilities are intended to provide liquidity support for general corporate purposes and to support the telephony, corporate network, broadcast and Internet solutions company‘s commercial paper programme.

These facilities replace an expiring $1 billion, 364-day credit facility that Intelsat obtained in March 2001.