Intelsat files for IPO
May 21, 2012 10.38 Europe/London By Julian Clover
On the day that Facebook made much noise, Intelsat has filed its own IPO on Friday, bidding to raise around $1.75 billion (€1.37bn) for its common stock.
The IPO is being underwritten by Goldman Sachs, JP Morgan and Morgan Stanley.
Created in 1964, the satellite operator spent the first 37 years of its existence as an intergovernmental organization, before being taken private in 2008.
The $5 billion purchase was made by Serafina Holdings, a company formed by BC Partners and associates including Silver Lake.
Intelsat has declared a series of losses once earlier debt had worked its way through the books. Its loss of $25.2 million for the quarter ending March 31, 2012 followed the corresponding quarter’s loss of $215.9 million.
Ahead of the IPO, the company will change its name to Intelsat SA. It will list the common stock on the New York Stock Exchange under the symbol “I”.
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