Intelsat has called an Extraordinary General Meeting (EGM) of shareholders in Luxembourg on February 8th which covers its Intelsat SA business.

Intelsat says the EGM will: “Approve the sale and transfer of the entire issued share capital of Intelsat Holdings SA (‘Holdings’), being an indirect subsidiary of the Company, by Intelsat Investment Holdings Sàrl (‘Investment Holdings’), being a direct wholly-owned subsidiary of the Company, to Intelsat Emergence SA, a joint stock company (société anonyme) (‘New Topco;) in exchange for 4.5 per cent convertible senior notes due 2025, issued by the Company pursuant to the indenture dated as of June 18, 2018, as amended, issued by the Company (the ‘Sale of Holdings’).

All existing directors will resign and be replaced by Patrick McGrath, James Bolin and Stefano Malfitano as new directors.

Some 57 quadrillion new shares will be issued (57,229,268,495,000,000).

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Tags: Intelsat, luxembourg, NYSE