Inmarsat prices $400 debt issue

Inmarsat announced it would tap debt markets to repay an existing loan from the European Investment Bank and for general corporate purposes.

The satellite operator priced its $400m issue of senior unsecured debt offering a 6.5% annual coupon and maturing in 2024 at par value.

Friday´s issue would conclude the company's near-term financing activity and followed close on the heels of the sale of a new convertible bond due in 2023 and the repurchase of the existing convertible bond maturing in 2017.

Through its recent issuance of notes and convertible bonds the company had managed to raise $1.05m on what management described as "attractive terms".

"The net proceeds of this activity will further strengthen Inmarsat's financial position and support its existing strategy of continued investment in innovation and the delivery of global mobile satellite service solutions, where Inmarsat continues to see opportunities for sustained profitable growth," Inmarsat said in statement.