Intelsat Files For IPO

Intelsat Global Holdings S.A. has just filed for an initial public offering in a form F-1 filed with the Securities & Exchange Commission. No financial terms were set but the satellite communications outfit plans to sell up to $1.75 nillion in common shares and it plans to list on the New York Stock Exchange under the ticker “I.”

Today’s filing lists the underwriters initially as Goldman Sachs, J.P. Morgan, and Morgan Stanley.  As a reminder, Serafina acquired Intelsat at a value of about $5 billion for the equity value back in 2008.

Here is the company’s own description: “We operate the world’s largest satellite services business, providing a critical layer in the global communications infrastructure. We generate more revenue, operate more satellite capacity, hold more orbital location rights, contract more backlog, serve more commercial customers and deliver services in more countries than any other commercial satellite operator. We provide diversified communications services to the world’s leading media companies, fixed and wireless telecommunications operators, data networking service providers for enterprise and mobile applications, multinational corporations and Internet service providers (“ISPs”). We are also the leading provider of commercial satellite capacity to the U.S. government and other select military organizations and their contractors.”

Intelsat also has one of the largest satellite fleets with its global communications system featuring a fleet of over 50 geosynchronous satellites which covers more than 99% of the world’s populated regions.

As of March 31, 2012, the company’s contracted backlog (expected future revenue under existing customer contracts) was approximately $10.5 billion.  That is said to be more than four times its 2011 annual revenue. For the year ended December 31, 2011, Intelsat generated revenue of $2.6 billion and a net loss of $0.4 billion.

FULL F-1 FILING

JON C. OGG