Financially Speaking… Serafina Holdings To Become Intelsat Global, Ltd.

Intelsat, Ltd. has announced the successful closing of the acquisition of all of the primary equity ownership of its parent, Intelsat Holdings, Ltd. by Serafina Holdings, Limited, an entity formed by funds advised by BC Partners, Silver Lake and certain other equity investors. Under the transaction, the equity of Intelsat Holdings was valued at approximately $5.0 billion. Of the current shareholders of Intelsat Holdings, the funds advised by, or associated with, Apax Partners Worldwide LLP, Apax Partners, L.P., Apollo Management V, L.P., Madison Dearborn Partners, LLC and Permira Advisers LLC, will sell 100 percent of their interests in the company. Following the closing, Intelsat’s current executives will remain in place and have an equity interest in Serafina Holdings, which is expected to be renamed Intelsat Global, Ltd. Immediately following the consummation of the transaction, Intelsat (Bermuda), Ltd. assumed certain debt obligations entered into by Serafina Holdings to effect the transaction and refinance certain existing debt of Intelsat. The assumed debt includes a bridge financing comprised of two tranches, a $2.805 billion cash pay senior unsecured bridge loan and a $2.155 billion PIK election bridge loan.



“This transaction closes at a time when Intelsat is seeing strong momentum. We have improved the operating profile of our company, based on initiatives such as our fleet management program and the introduction of new services. Speaking on behalf of Intelsat’s management, we are looking forward to working with BC Partners and Silver Lake as we continue to execute our growth strategy,” said Dave McGlade, the Chief Executive Officer of Intelsat.



Raymond Svider, a Managing Partner at BC Partners, added, “Intelsat is a rare investment opportunity, providing revenue diversity, stability and global presence combined with attractive growth potential. We are proud to become associated with this world class management team and are looking forward to supporting them in taking the business to its next stage of development.”—Pembroke, Bermuda