Satellite company Inmarsat reached for the sky and succeeded as it successfully placed $650m of convertible debt.
The placing was $50m more than the original deal size and Inmarsat said it reflected the “considerable demand” for the bonds which have a maturity that stretches out to 2023.
“It was a popular placing that was oversubscribed and reflected the current needs of the markets,” said Inmarsat’s Chris McLaughlin.
Over half of the proceeds would refinance $390m of debt due to mature in 2017.
The company said that the remaining cash raised would be used to further bolster its balance sheet. Sources close to the company said that it was not considering using the money for any M&A activity in the near future.
Inmarsat was due to launch its fourth satellite later this year. But news of an explosion at Cape Canaveral this afternoon may scupper these plans according to sources.