Intelsat, Ltd., today has announced its
intention to conduct an initial public offering of its ordinary shares in an
amount of approximately US$500 million. In addition, it is anticipated that
Intelsat Ltd.’s current shareholders will be offered the opportunity to sell
ordinary shares in the offering.
It is also anticipated that the initial
public offering would occur before the end of this year. It is currently
expected that a registration statement relating to the initial public
offering will be filed with the U.S. Securities and Exchange Commission in
mid-2002.
The purposes of the initial public offering are to raise money
for general corporate purposes and to repay outstanding debt, and to comply
with the Open-Market Reorganization for the Betterment of International
Telecommunications Act (known as the ORBIT Act). The ORBIT Act requires
Intelsat, Ltd. to complete an initial public offering by no later than 31
December 2002.
THIS NOTICE DOES NOT CONSTITUTE AN OFFER FOR SALE OR THE SOLICITATION OF AN
OFFER TO BUY ANY OF INTELSAT, LTD.’S SECURITIES. INTELSAT, LTD.’S INITIAL
PUBLIC OFFERING WILL BE MADE ONLY BY MEANS OF A PROSPECTUS.
Contact:
Dianne VanBeber
+1 202 944 7406
Dianne.vanbeber@intelsat.com
SAFE HARBOR STATEMENT:
Washington – 8 March 2002 — Some of the statements in this news release constitute "forward-looking
statements" that do not directly or exclusively relate to historical facts,
including statements relating to the estimated size of our contemplated
initial public offering, the estimated timing of the offering and the
possible sale of shares in the offering by some of our current shareholders.
The forward-looking statements in this news release reflect our intentions,
plans, expectations, assumptions and beliefs about future events and are
subject to risks, uncertainties and other factors, many of which are outside
of our control. These factors could cause actual results to differ
materially from the expectations expressed or implied in the forward-looking
statements and include known and unknown risks. In connection with our
contemplated initial public offering, known risks include, but are not
limited to, insufficient market demand for our equity securities; our
inability to obtain regulatory approvals in a timely manner; changes in laws
and regulations; and changes in the condition of the financial markets.
Because actual results could differ materially from our intentions, plans,
expectations, assumptions and beliefs about the future, you are urged to
view all forward-looking statements contained in this news release with
caution. Intelsat does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.