spacetoday.net: Intelsat announces IPO plans

Intelsat announces IPO plans

Posted: Wed, Apr 3, 2013, 7:08 AM ET (1108 GMT)
Intelsat, one of the world's largest commercial satellite operators, said Tuesday it was moving ahead with plans to raise over half a billion dollars through an initial public offering (IPO) of stock. The company says it plans to sell more than 21.7 million shares of common stock at $25 per share, along with 3 million preferred shares at $50 each, on the New York Stock Exchange. Coupled with options for additional shares, the IPO could raise up to $823 million for the company. Intelsat had previously indicated it was planning a much larger IPO, raising up to $1.75 billion, but scaled it back because of market conditions and the company's current finances. Intelsat currently operates 54 communications satellites in GEO.