Inmarsat

Inmarsat is set to refinance the $1.5bn acquisition by Apax and Permira in October 2003 through the issue of $375m high yield bonds. A consortium of banks including Barclays Capital, CSFB, Royal Bank of Scotland has facilitated the issue. In October Apax and Permira bought Inmarsat with an offer of $15 per ordinary share via newco, Grapeclose Ltd. The debt financing for this transaction was jointly arranged and underwritten by Barclays, CSFB and Royal bank of Scotland (3 November 2003, page 21).Inmarsat provides data and telecommunications services, primarily to the maritime industry. The firm initially began in 1979 as an intergovernmental body providing communications for shipping fleets, and was later privatized in 1999.

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