Intelsat files plans for $1.75b IPO

New York: Intelsat Global Holdings, the world's largest satellite services business, filed to raise $1.75 billion (Dh6.43 billion) in a US initial public offering (IPO).

The Luxembourg-based company didn't specify the number of shares or price range for the offering in a regulatory filing Friday. The amount is a placeholder used to calculate fees and may change.

Intelsat said in the filing it generates more revenue and operates more capacity than any other commercial satellite operator. For the year ended Dec-ember 31, Intelsat posted sales of about $2.6 billion, the prospectus shows. The company works with customers including DirecTV, the largest US satellite-TV company, to provide capacity and services, the filing shows.

Underwriting deal

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are leading the IPO, according to the filing. The stock will trade on the New York Stock Exchange under the symbol I.

Intelsat had about $16 billion in long-term debt at the end of last year, according to yesterday's filing. The company posted a net loss of $435.3 million in 2011.

In 2008, Intelsat was acquired by Serafina Holdings Ltd., a group of private equity funds led by BC Partners Holdings Ltd. and Silver Lake. The equity value of the deal was about $5 billion, according to a statement at the time.

Serafina bought the company from a group of private equity owners, including Apollo Global Management LLC, Apax Partners LP, Madison Dearborn Partners LLC and Permira Advisers LLC that had acquired the company in 2005 for about $3.2 billion.