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Focused

Intelsat: Equity Sponsors Selling Chunk of Stake

Worth Watching: 29 Nov 2018, 8:41 PM ET - Intelsat announced the pricing of a public share offering by its equity sponsors, BC Partners and Silver Lake. The offering will consist of 11.5 mn total shares of Intelsat common stock: 10.0 mn of which are included in the initial offering and ..
Focused

Intelsat 3Q18: C-Band Still Offers Upside

Earnings Note: 31 Oct 2018, 5:37 AM ET - Intelsat bonds got taken to the woodshed following 3Q18 earnings; we think the sell-off was overdone. Earnings have taken a backseat to the C-band opportunity, which was the focus of the 3Q18 earnings call.

Initiation on Uniti Group: Relative Value (3/3)

Company Spotlight: 19 Oct 2018, 5:32 AM ET - In part 3 of our Initiation on Uniti series, we discuss relative value. 
Focused

Intelsat: Additional Jackson ‘24s for Refi

Worth Watching: 02 Oct 2018, 10:32 PM ET - Intelsat Intelsat Jackson came to the market today offering $700 mn of new 8.50% senior notes that are set to mature in October of 2024. The new issue represents an add-on to Intelsat Jackson's existing 8.50% 2024 notes. The new notes will be 1 ..
Focused

Intelsat: Clearing Jackson 20s with New 2024s

HY Note: 05 Sep 2018, 2:31 PM ET - Intelsat is looking to price $2.0 bn of new unsecured Jackson 2024 notes. Proceeds will be used in a tender offer for the Jackson 2020 Notes and the redemption of a portion of the Jackson 2021s, as Intelsat looks to clear runway for C-Band.
Focused

Intelsat: ICF Issuing $1.0 bn 2023s - Outperform

HY Note: 02 Aug 2018, 12:10 PM ET - ICF intends to issue $1.0 bn of 2023s to redeem the ICF 12.5% 2022s and reduce Jackson debt. We are buyers of the new ICF 2023 notes at 250-300 bp back of the Jackson 5.5% 2023s.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.
Focused

Intelsat 2Q18: All Eyes on the Government

Earnings Note: 31 Jul 2018, 2:40 PM ET - Intelsat’s headline 2Q18 results were in line with our expectations. We reiterate our Outperform call, which is largely predicated on the C-band proposal.
Focused

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

US Telecom: Pai Announces 3 more mmWave Auctions

Worth Watching: 12 Jul 2018, 2:43 PM ET - US Telecom: On August 2, 2018, the FCC will hold its monthly Commissioners' Meeting, and the agenda will focus on 5G. This week, Chairman Ajit Pai announced a plan to hold three more millimeter-wave (mmWave) spectrum auctions – the 37 GHz, 39 G ..
Focused

Satellite C-Band: A Look Ahead of July 12 Vote (1)

Sector Analysis: 10 Jul 2018, 9:42 PM ET - On July 12, the FCC plans to vote on a strategy to open at least a portion of C-Band spectrum. We take a look at the current uses of the band, the FCC's NPRM, third-party commentary, and discuss high level valuation scenarios.  
Focused

Intelsat: Issuing Equity and Converts

HY Note: 11 Jun 2018, 12:56 PM ET - Intelsat S.A. plans to raise at least $500 mn of cash with a concurrent offering of common stock and convertible 2025 notes. The company expects to use proceeds to purchase Intelsat Luxembourg 7.75% 2021 subordinated notes.

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.
Focused

Intelsat 1Q18: Headwinds Moderating

Earnings Note: 01 May 2018, 2:09 PM ET - Intelsat's 1Q18 results were broadly in line, with Network Services headwinds beginning to moderate. Security prices will continue to sway with the C-Band narrative over the near term.
Focused

Intelsat 4Q17: Outlook Still Weak, But.... C-Band?

Earnings Note: 26 Feb 2018, 9:26 PM ET - Intelsat hit its 2017 guidance, but fundamentally, the company remains a weak credit. SoftBank may or may not be in the rearview, but regardless, the C-band spectrum is now in focus. 

US Telecom 2018 Outlook: The Train Keeps Moving

Sector Outlook: 18 Jan 2018, 5:08 AM ET - Lines between telecom, cable, media, wireline, and wireless will continue to blur in 2018. We discuss our expectations for the various sectors in this 2018 outlook. 
Focused

Intelsat: New $1.5 bn Jackson 2025 Notes

HY Note: 19 Jun 2017, 11:50 AM ET - Intelsat Jackson intends to offer $1.5 bn of 8NC4 unsecured notes. Proceeds will refinance the 7.25% 2019s. We would buy these bonds if they come at the 10%+ levels indicated by early whispers.
Focused

Intelsat: 2019 Refi, Downward Guidance Revision

HY Note: 16 Jun 2017, 11:09 AM ET - Intelsat filed two 6-Ks this morning. The company downgraded 2017 guidance, and it plans to refinance the Jackson 7.25% 2019 bonds with new external debt financing.
Focused

Intelsat: SoftBank Ups Its Offer

HY Note: 18 May 2017, 4:43 PM ET - SoftBank has increased its Intelsat offer while also communicating that negotiations stop here. We assess our view of the offer and provide an update on what we are hearing from the market.
Focused

Intelsat 1Q: Solid Media but Questionable Future

Earnings Note: 27 Apr 2017, 2:46 PM ET - Intelsat's 1Q17 results were mainly in line with expectations. The company maintained 2017 guidance, which it expects will benefit from new satellites that come online in 2H17. 

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