spacetoday.net: Intelsat files for IPO

Posted: Mon, Mar 15, 2004, 1:31 PM ET (1831 GMT)
Satellite communications operator Intelsat formally filed documents Monday for an initial public offering (IPO) of stock in the company. The IPO documents, filed with the US Securities and Exchange Commission (SEC), state that the company plans to offer shares at a price of $12 to $14, but did not specify the number of shares that would be offered. The company previously announced it would sell up to $500 million in stock in the IPO. The company said it would use the proceeds from the IPO for general corporate purposes as well as paying off up to $200 million in Eurobond notes due in October. Intelsat, originally a government-organized consortium, was privatized in 2001 and required by US law to hold an IPO; the deadline for the IPO has been extended from 2001 to the end of June because of poor market conditions.