Insider Brief:
- Intelsat is expected to receive nearly US $3.7 billion in the fourth quarter after completing C-band frequency clearing.
- The FCC (Federal Communications Commission) C-Band Transition Order set a deadline to clear the spectrum by December 2025 but offered incentive payments to satellite operators if cleared before December 2023.
PRESS RELEASE — McLean, Virginia / August 14, 2023 — Intelsat, operator of one of the world’s largest integrated satellite and terrestrial networks and leading provider of inflight connectivity, will receive nearly $3.7 billion in the fourth quarter after completing C-band frequency clearing, providing future strategic opportunities for the company and its shareholders.
“Intelsat’s C-band transition facilitates broader 5G services in the United States, while strengthening our financial position,” said Dave Wajsgras, CEO at Intelsat. “We reached this milestone well ahead of expectations, and I’m exceptionally proud of the Intelsat team and the hard work that led to this remarkable achievement.”
The FCC C-Band Transition Order set a deadline to clear the spectrum by December 2025 but offered incentive payments to satellite operators if cleared before December 2023. With the validated certification now complete, Intelsat will receive accelerated relocation payments totaling $3.67 billion.
“Half of these proceeds will be used to deleverage our balance sheet, consistent with our debt covenants, while the remainder provides Intelsat with various options to create value and opportunities for all of our stakeholders,” Wajsgras said. “The Intelsat team is well positioned to remain a leader in the satellite communications industry as we continue transforming the company for the future.”
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Contact Information:
Melissa Longo – [email protected]; +1 240-308-1881
SOURCE: Intelsat
Featured image: Credit: Intelsat
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