PE-backed Intelsat misses IPO target

Intelsat hoped to raise $471.7m via the IPO but raised only $347m. The firm originally intended to sell 21.7 million shares at $21-$25, but ultimately lowered the volume and price of the offering to 19.3 million shares at $18.

Intelsat was acquired by Silver Lake Partners and BC Partners in 2007, in a $16.6bn (€12.3bn) SBO. According to unquote" data, BC Partners invested $5bn (€3.7bn). The firms bought the satellite operator from a group of private equity houses including Apax Partners, Madison Dearborn Partners, Permira and Apollo Management.

Intelsat had $15.8bn in debt at the end of 2012, equating to roughly 8.0x EBITDA. The company intends to use the proceeds from the IPO to repay some of its debt.

 

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• Benelux
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• BC Partners