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Empresas y finanzas

Intelsat Completes Acquisition of PanAmSat


    Intelsat, Ltd.:
    -0-
    *T
    Merger Creates World's Largest Commercial Fixed Satellite Services
    Provider, Bringing the New Intelsat Closer, by Far, to Meeting
    Customer Needs with Unrivaled Satellite and Terrestrial Resources and
    Expanded Delivery of Value-Added Services
    *T

    Intelsat, Ltd. today announced the completion of its merger with
    PanAmSat Holding Corporation. With the addition of PanAmSat's video
    market expertise, advanced satellite fleet and blue-chip media
    customer base to Intelsat's portfolio, the new Intelsat is now the
    largest provider of fixed satellite services (FSS) worldwide to each
    of the media, network services/telecom and government customer
    sectors.
    Intelsat acquired all of the outstanding common shares of PanAmSat
    for approximately $3.2 billion. Pursuant to the merger, each
    outstanding share of common stock of PanAmSat was converted into the
    right to receive $25.00, plus approximately $0.00927 as the pro rata
    quarterly dividend, per share in cash without interest. In addition
    and as a result of the merger, PanAmSat is now a wholly-owned
    subsidiary of Intelsat, and the common stock of PanAmSat has been
    delisted from the New York Stock Exchange. The total value of the
    transaction, including PanAmSat debt that was refinanced or remained
    outstanding, is approximately $6.4 billion. For the twelve-month
    period ending March 31, 2006, pro forma revenues for the combined
    company total more than $2.0 billion and adjusted EBITDA for Intelsat
    (Bermuda), Ltd. on a pro forma combined basis was $1.6 billion. At
    March 31, 2006, pro forma combined revenue backlog, which is based on
    long-term customer commitments of up to 15 years, was approximately
    $8.3 billion.

    Operational Strength

    Using optimized capacity on a combined fleet of 51 satellites and
    a large, complementary terrestrial infrastructure including eight
    owned teleports, fiber connectivity and over 50 points of presence in
    almost 40 cities, the new Intelsat:

    -- Carries one out of every four television channels transmitted
    over fixed satellites;

    -- Supports 27 DTH platforms worldwide;

    -- Operates 16 satellites that are part of video neighborhoods
    around the world;

    -- Is the number one provider of transponders for video
    programming worldwide;

    -- Carries more high definition (HD) programming than any other
    FSS carrier;

    -- Is the largest provider of commercial satellite services to
    the government sector;

    -- Is the leading provider of services to enterprise, Internet
    and mobile network operators; and

    -- Provides communications services to 99 percent of the world's
    populated regions.

    "The combined assets of our company provide the highest level of
    service and network reliability to existing customers, while opening
    doors to new business opportunities in key communications growth
    markets such as HD, IPTV and applications resulting from the
    convergence of video, voice, data and mobility," said David McGlade,
    Chief Executive Officer of Intelsat. "This merger creates a strong,
    next-generation, global communications leader with an unrivaled
    ability to provide the competitive and sophisticated services
    consumers and businesses need by leveraging unparalleled satellite,
    terrestrial and technical expertise."
    McGlade added, "We have chosen the corporate theme 'Closer, by
    Far' to articulate our vision for the new Intelsat and its
    relationship with its customers. It is our mission to bring customers
    closer to achieving their business potential and closer to the people
    and businesses they serve."

    Integration Process Underway

    The integration process already underway will ensure a smooth and
    seamless transition for Intelsat's customers. Intelsat intends to
    adopt a "one company" operating philosophy and expects to fully
    integrate PanAmSat's assets and operations. Since the merger was
    announced in August 2005, the companies have conducted disciplined
    integration planning in order to drive the benefits of greater scale
    and complementary service offerings to customers and to deliver strong
    operational synergies to the company's stakeholders. By making key
    functional and systems decisions ahead of time, Intelsat is positioned
    for an accelerated start now that the transaction has closed.
    David McGlade will continue to serve as Chief Executive Officer
    and a Director of Intelsat, Ltd. The executive team of the company
    also includes James Frownfelter, formerly the President and COO of
    PanAmSat, as Chief Operating Officer; Phillip Spector, Executive Vice
    President and General Counsel; and Jeffrey Freimark, Executive Vice
    President and Chief Financial Officer. Joseph Wright, formerly Chief
    Executive Officer of PanAmSat, has been appointed Chairman of the
    Board.

    Intelsat Announces Expiration of PanAmSat Tender Offer

    Intelsat, Ltd. also announced today that PanAmSat announced that
    it has completed its previously announced offer to purchase and
    consent solicitation with respect to its 10 3/8% senior discount notes
    due 2014. The offer to purchase expired at 9:00 a.m. New York City
    time, on July 3, 2006. As of 9:00 a.m. New York City time, on July 3,
    2006, PanAmSat had accepted for tender $414.53 million in aggregate
    principal amount at maturity of the discount notes, representing
    99.65% of the outstanding principal amount at maturity of the discount
    notes. PanAmSat has accepted for payment all the discount notes
    validly tendered on or prior to July 3, 2006.
    Intelsat will continue to be domiciled in Pembroke, Bermuda and
    maintain its U.S. headquarters in Washington, D.C. More information on
    the merger is available at www.intelsat.com.

    About the New Intelsat

    Intelsat is the largest provider of fixed satellite services (FSS)
    worldwide and is the leading provider of these services to each of the
    media, network services/telecom and government customer sectors,
    enabling people and businesses everywhere constant access to
    information and entertainment. Intelsat offers customers a greater
    business potential by providing them access to unrivaled resources
    with ease of business and peace of mind. Our services are utilized by
    an extensive customer base, including some of the world's leading
    media and communications companies, multinational corporations,
    Internet service providers and government/military organizations.
    Real-time, constant communication with people anywhere in the world is
    closer, by far.

    Intelsat Safe Harbor Statement: Some of the statements in this
    news release constitute "forward-looking statements" that do not
    directly or exclusively relate to historical facts. The
    forward-looking statements made in this release reflect Intelsat's
    intentions, plans, expectations, assumptions and beliefs about future
    events and are subject to risks, including known and unknown risks,
    uncertainties and other factors, many of which are outside of
    Intelsat's control. Important factors that could cause actual results
    to differ materially from the expectations expressed or implied in the
    forward-looking statements include known and unknown risks. Known
    risks include, but are not limited to the quality and price of
    comparable communications services offered or to be offered by other
    satellite operators, and the perceptions of our business, operations
    and financial condition and the industry in which we operate by the
    financial community and ratings agencies. In connection with
    Intelsat's acquisition of PanAmSat as described in this news release,
    factors that may cause results or developments to differ materially
    from the forward-looking statements made in this news release include,
    but are not limited to: our substantial level of indebtedness
    following consummation of the acquisition; certain covenants in our
    debt agreements following consummation of the acquisition; a change in
    the health of, or a catastrophic loss of, one or more of, our
    satellites, including those we are acquiring in the acquisition; the
    failure to successfully integrate or to obtain expected synergies from
    the acquisition on the expected timetable or at all; and the failure
    to achieve the strategic objectives envisioned for the acquisition of
    PanAmSat. Detailed information about some of the known risks is
    included in Intelsat's annual report on Form 10-K for the year ended
    December 31, 2005 and Intelsat's registration statement on Form S-4 on
    file with the U.S. Securities and Exchange Commission. Because actual
    results could differ materially from Intelsat's intentions, plans,
    expectations, assumptions and beliefs about the future, you are urged
    to view all forward-looking statements contained in this news release
    with caution. Intelsat does not undertake any obligation to update or
    revise any forward-looking statements, whether as a result of new
    information, future events or otherwise.