Satellite operator Intelsat concluded its latest refinancing step with a July 5th SEC filing explaining that it has swapped a series of borrowings worth some $1.5 billion and initially due for repayment in 2019.

The new borrowings are not now due for repayment until 2025, but the interest rate is up 2.5 points, from 7.25 per cent to the new rate of 9.75 per cent.

Intelsat conducted a similar exercise back in September 2016 swapping debt due for repayment in 2022 (at 6.625 per cent) with new borrowings due for repayment in 2024 but again at the increased interest rate of 8 per cent.

Intelsat’s market capitalisation is $380 million.

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