Serafina Holdings acquires Intelsat

Intelsat, Ltd., the provider of fixed satellite services,
announced the successful closing of the acquisition of all of the primary
equity ownership of its parent, Intelsat Holdings, Ltd. (“Intelsat Holdings”)
by Serafina Holdings, Limited (“Serafina Holdings”), an entity formed by funds
advised by BC Partners,
Silver
Lake
and certain other equity investors.

Under the transaction, the equity of Intelsat Holdings was valued at
approximately $5.0 billion. Of the current shareholders of Intelsat Holdings, the
funds advised by or associated with Apax Partners Worldwide LLP, Apax Partners,
L.P., Apollo Management V, L.P., Madison Dearborn Partners, LLC and Permira
Advisers LLC, will sell 100 percent of their interests in the company.
Following the closing, Intelsat’s current executives will remain in place and
have an equity interest in Serafina Holdings, which is expected to be renamed
Intelsat Global, Ltd.

Immediately following the consummation of the transaction, Intelsat

( Bermuda ), Ltd. assumed
certain debt obligations entered into by Serafina Holdings to effect the
transaction and refinance certain existing debt of Intelsat. The assumed
debt includes a bridge financing comprised of two tranches, a $2.805 billion
cash pay senior unsecured bridge loan and a $2.155 billion PIK election bridge
loan.

“This transaction closes at a time when Intelsat is seeing strong
momentum. We have improved the operating profile of our company, based on
initiatives such as our fleet management program and the introduction of new
services. Speaking on behalf of Intelsat’s management, we are looking
forward to working with BC Partners and Silver
Lake
as we continue to execute our growth strategy,” said Dave McGlade, the Chief
Executive Officer of Intelsat.

Raymond Svider, a Managing Partner at BC Partners, added, “Intelsat is a rare
investment opportunity, providing revenue diversity, stability and global
presence combined with attractive growth potential. We are proud to
become associated with this world class management team and are looking forward
to supporting them in taking the business to its next stage of development.”

Credit Suisse acted as financial advisor to Intelsat, Ltd. in connection with
the transaction. Intelsat’s legal advisors included Wachtell Lipton Rosen
& Katz, Milbank, Tweed,
Hadley and McCoy LLP, Wiley Rein LLP, and Paul, Weiss, Rifkind, Wharton &
Garrison LLP. Merrill Lynch & Co. and Perella Weinberg Partners LP
acted as financial advisors, Latham & Watkins LLP as legal advisor and
PricewaterhouseCoopers LLP as accounting and tax advisor to the acquiror.