Intelsat announced that its indirect wholly owned subsidiary, Intelsat Jackson Holdings, amended its senior secured credit agreement, which governs its approximately $3.1 billion senior secured term loan facility and $500 million revolving credit facility.

Bank of America Merrill Lynch, J.P. Morgan and Credit Suisse served as joint lead arrangers and joint bookrunners. Barclays, Morgan Stanley, Deutsche Bank and Goldman Sachs served as joint book runners and HSBC served as manager.

Among other things, the amendment reduced the interest rates applicable to borrowings under the term loan facility and extended the maturity of the term loan facility. In addition, it reduced the interest rates applicable to $450 million of the $500 million total revolver and extended the maturity of such portion.

As a result of the amendment, interest rates for borrowings under the term loan facility and the new tranche of the revolving credit facility will be either the LIBOR rate plus 2.75%, a reduction from the rate applicable prior to the amendment of the LIBOR rate plus 3.00%, or the ABR plus 1.75%, a reduction from the rate applicable prior to the amendment of the ABR plus 2.00%.

The LIBOR rate and the ABR applicable to the term loan facility and the new tranche of the revolving credit facility will be determined as specified in the credit agreement, and the LIBOR rate will not be less than 1.00% per annum, a reduction from the floor of 1.25% prior to the amendment. The interest rates applicable to the $50 million tranche of the revolving credit facility that was not amended will remain the same.

In addition, the maturity date of the term loan facility was extended from April 2, 2018 to June 30, 2019 and the maturity date of the new $450 million tranche of the revolving credit facility was extended from January 12, 2016 to July 12, 2017. The maturity date of the $50 million tranche of the revolving credit facility that was not amended will remain January 12, 2016.

Intelsat is a global provider of fixed satellite services worldwide.