Intelsat, widely expected to announce an IPO about now, has offered the market $1.5 billion-worth of senior notes via its Intelsat Luxembourg subsidiary. The notes will be guaranteed by Intelsat itself, and are due for redemption by 2021.

The proceeds will be used to pay down $915 million of existing debt (in the form of 11.5/12.5 per cent notes due for redemption in 2017) plus another $460 million of debt in the same set of borrowings. Any remaining sums will be used for expenses connected with the offering.

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