Debt dividend plunges Intelsat deeper into junk

Intelsat, the satellite operator, has been downgraded deeper into junk territory after raising almost $500m of fresh debt to pay a dividend to its private equity owners.

Barely a week after completing its acquisition by Apax Partners, Permira, Apollo Management and Madison Dearborn Partners on January 28, Intelsat launched a $478m senior discount note offering through a private placement.

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