Inmarsat has announced the successful placement of $650 million convertible bonds due 2023. This represents an additional $50 million over the announced deal size reflecting considerable demand for the new bonds. The net proceeds will be used primarily to fund the approximately $390 million repurchase of the outstanding 1.75% $287.7 million convertible bonds due 2017 (and the related accrued interest. The remaining proceeds will further strengthen Inmarsat's financial position and support its strategy of continued investment in innovation and the delivery of global mobile satellite service solutions, where Inmarsat continues to see opportunities for sustained profitable growth. The new bonds will be issued as part of the Inmarsat Group's ongoing plans to optimise financing costs and the group's debt maturity profile. The group currently intends to launch a further benchmark offering in the debt capital markets this year, subject to market conditions.
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