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Intelsat, Ltd. Announces Recent Developments Extending PanAmSat’s Tender Offer Expiration Date
Pembroke, Bermuda, June 30, 2006 — Intelsat, Ltd. reported today that PanAmSat Holding Corporation (“PanAmSat”) announced that PanAmSat is further extending the expiration date in connection with its previously announced offer to purchase (the “Offer”) and consent solicitation (the “Consent Solicitation”) with respect to its 10 3/8% Senior Discount Notes due 2014 (the “Notes”).  The Consent Solicitation expired at 5:00 p.m. New York City time, on June 14, 2006.  The Offer will expire at 9:00 a.m. New York City time, on July 3, 2006, unless extended (such date and time, as the same may be extended, the “Expiration Date”).  The Offer and Consent Solicitation were commenced on May 30, 2006 and are being made on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated May 30, 2006 and the related Consent and Letter of Transmittal, as amended (together, the “Offer Documents”).

Except for the extension described above, all of the terms and conditions of the Offer and Consent Solicitation remain unchanged.  As of 9:00 a.m. New York City time, on June 30, 2006, approximately $414.5 million in aggregate principal amount at maturity of the Notes had been tendered, representing approximately 99.6% of the outstanding principal amount at maturity of the Notes.

Intelsat, Ltd. previously announced that, in connection with the contemplated acquisition (the “Acquisition”) of PanAmSat by Intelsat (Bermuda), Ltd., its wholly-owned subsidiary, and in addition to other financing transactions, PanAmSat intended to offer approximately $725 million of senior notes due 2016.   As Intelsat, Ltd. previously announced, if PanAmSat’s Offer for the Notes is consummated, PanAmSat will not issue the senior notes due 2016 and Intelsat (Bermuda), Ltd. will issue additional senior notes to fund the payments for the Notes, as well as part of the Acquisition merger consideration.

The notes referred to above will be offered to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. The notes will not be registered under the Securities Act of 1933, as amended ("the Securities Act"), and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

 

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