Intelsat has secured $6.7 billion in new funds and reduced its debt by more than 50 percent after the satellite operator completed its financial restructuring process.
The company said Wednesday its new financing sources are secured notes, a term loan and a revolving credit facility. Under a reorganization plan, Intelsat lowered its debt from about $16 billion to approximately $7 billion.
Intelsat CEO Stephen Spengler said the company will move to pursue innovation and network plans, advance growth initiatives and strategic objectives and build a software-defined 5G network.
Spengler will join six new directors on Intelsat’s board, which will be chaired by Lisa Hammitt, executive vice president and chief technology officer of Davidson Technologies.
Other members of Intelsat’s board are James Bolin, a partner and portfolio manager at Appaloosa; Roy Chestnutt, a board member at Telstra and Digital Turbine; Marc Montagner, former chief financial officer at Endurance International Group Holdings; Easwaran Sundaram, operating executive at Tailwind Capital; and Jinhy Yoon, EVP and credit analyst at PIMCO.
