Bondholders set for payday as Inmarsat LBO steps forward

Satellite Dish
By Owen Sanderson
26 Mar 2019

Holders of Inmarsat’s 6.5% 2024 high yield notes are recommended to take profits, as the board of the UK-listed satellite company recommended an LBO offer from a consortium of investors. Barclays, Bank of America, and UBS are arranging a $3.625bn term loan and a $600m-equivalent multicurrency revolver to fund the deal.

Late last year, the bonds were trading as low as 96, but have rallied above 103, following disclosure last week of the approach from the consortium. Inmarsat disclosed on March 19 that it had been approached by the consortium, and recommended the offer to the board on Monday.


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