Moody's says Intelsat's merger agreement with OneWeb is credit negative
Toronto, March 01, 2017-- Moody's Investors Service said Intelsat SA's announced merger agreement with WorldVu Satellites Limited is credit negative because it is proposed that Intelsat's unsecured debt holders will receive combinations of cash, equity and new debt instruments that are significantly less than face value. At closing, Moody's will likely assess the pending debt transactions as a distressed exchange and limited default, which will be signified by appending...
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