Press Release

Intelsat, Ltd. Announces Planned Initial Public Offering

By SpaceRef Editor
February 4, 2004
Filed under , ,

Hamilton, Bermuda, 4 February 2004 – Intelsat, Ltd. today announced its
intention to conduct an initial public offering of its ordinary shares
in an amount of up to US$500 million. In addition, it is anticipated
that Intelsat, Ltd.’s current shareholders will be offered the
opportunity to sell ordinary shares in the offering. It is also
anticipated that the initial public offering would occur on or before 30
June 2004. It is currently expected that a registration statement
relating to the initial public offering will be filed with the U.S.
Securities and Exchange Commission in the first quarter of 2004. The
purposes of the initial public offering are to raise money to repay
outstanding debt and for general corporate purposes, as well as to
comply with the Open-Market Reorganization for the Betterment of
International Telecommunications Act (known as the ORBIT Act). The
ORBIT Act requires Intelsat, Ltd. to complete an initial public offering
by no later than 30 June 2004.

SpaceRef staff editor.