Intelsat came to market in a Goldman Sachs syndicated bond offering for $400 million of 8.875% Senior Notes due 1/2015. The B3/BB- issue for reference entity Intelsat Subsidiary Holding Company, had been upsized from $200 million, and was snapped up due to its original issue discount, pricing at 88.5% for an 11.6% yield. The proceeds will be used to pay down existing debt. The bonds subsequently rose to around 92 despite a declining HY market, with the HY11 index dropping 2 points to 74.5.
This is yet another datapoint that the HY primary market is alive and well as PMs are sitting on piles of cash which they are willing to invest in reasonably risky names.
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