2023-08-14 18:36:10
Intelsatoperator of one of the world’s largest integrated terrestrial and satellite networks and a leader in providing inflight connectivity, will receive nearly $3.7 billion in the fourth quarter after completing C-band frequency compensation, providing future strategic opportunities for the company and its shareholders.
“Intelsat’s C-band transition facilitates broader 5G services in the US while strengthening our financial position,” said Dave Wajsgras, CEO of Intelsat. “We reached this milestone well ahead of expectations and I am extremely proud of the Intelsat team and the hard work that has led to this exceptional achievement.”
The FCC bank C transition order set a deadline for releasing spectrum until December 2025, but offered incentive payments to satellite operators if released before December 2023. With validated certification now complete, Intelsat will receive payments of accelerated reallocation totaling US$3.67 billion.
“Half of these funds will be used to deleverage our balance sheet, pursuant to our debt agreements, while the remainder provides Intelsat with multiple options to add value and opportunities to all of our stakeholders,” said Wajsgras. “The Intelsat team is well positioned to remain a leader in the satellite communications industry as we continue to transform the company for the future.”
About Intelsat
Intelsat’s international team of professionals is focused on providing seamless, secure satellite communications to governments, NGOs and commercial customers through the company’s state-of-the-art worldwide network and managed services. By closing the digital divide by operating one of the world’s largest and most advanced fleets of satellites and connectivity infrastructure, Intelsat enables people and their tools to talk across oceans, see continents and hear across skies to communicate, cooperate and coexist. Since its founding six decades ago, the company has been synonymous with “pioneering” in the satellite industry in service to its customers and the planet. Building on a legacy of innovation and aiming to face a new generation of challenges, team members at Intelsat now have their sights set on the “next pioneers” in the space as they revolutionize the field and lead the industry’s digital transformation.
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Contact:
Melissa Longo – [email protected]
Source: BUSINESS WIRE
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