# PanAmSat Raises $2.05 Billion



## Guest (Feb 27, 2002)

PanAmSat said it raised $2.05 billion in debt and long-term notes, major financing that consists of a $1.25 billion in bank debt - including a revolving credit facility - and $800 million in 10-year senior notes that were sold in a private placement.

The financing replaces debt owed to Hughes totaling $1.725 billion set to mature in 2003 with long-term bank debt and senior notes distributed in capital markets. The new revolving credit facility, together with PanAmSat's cash position and cash generated by operations "will provide us with liquidity to pursue growth opportunities," said Joseph Wright, PanAmSat president and CEO.

Wright said the financing effort shows that steps management took in the second half of 2001 to improve PanAmSat's financial performance was positively received by financial markets. "We put the right plan in place at the right time by reducing our overall capital and operating costs, focusing on our core customers for growth and continuing our emphasis on improving the quality and reliability of our satellite fleet," Wright said.

From SkyReport (Used with permission)


----------

