The Download: Intelsat debuts on the public market

Correction: An earlier version of this article incorrectly named technology start-upThinkBinder. This version has been corrected.

Washington welcomed a new publicly traded company last week.

Intelsat raised $472 million through a pair of public stock offerings as the company, which delivers information and entertainment via satellites, looks to pay down its debts.

The company, which has its U.S. headquarters in the District, sold 19.3 million shares at $18 a piece in an initial public offering Thursday. It trades under the ticker symbol “I” on the New York Stock Exchange.

Additionally, Intelsat offered 3 million convertible junior nonvoting preferred shares for $50 a piece.

The company took home $472 million after expenses, a spokesman said. The money will be used to pay down the firm’s debt, which stood at $15.9 billion at the end of 2012, according to a Securities and Exchange Commission filing.

The offerings brought in less than the company initially sought. The firm planned to offer as many as 21.7 million shares for between $21 and $25 each, Bloomberg reported.

Established in 1964, Intelsat uses a network of terrestrial and satellite technology to transmit television channels, military information, Internet connectivity and other services to corporate and government customers.

Like others in the often-volatile satellite industry, Intelsat has seen its financial strength wax and wane over the years. In 2008, British private equity shop BC Partners bought a majority stake in the company.

A company spokesman said BC Partners plans to reduce its stake in the company in subsequent share offers.

ECHO360 GOES SHOPPING

Dulles-based distance learning firm Echo360 bought an education technology start-up last week that provides online tools for study groups.

ThinkBinder, founded in 2012, allows students to participate in invitation-only online groups where they use discussion feeds, collaborative whiteboards and text and video chat, among other tools, to study or complete group projects.

More than 1 million students in 6,000 classrooms at 600 institutions across 30 countries use Echo360’s technology, according to the company.

This is the second acquisition for Echo360 in six months. In November, the company bought LectureTools, a platform where students can interact by asking and answering questions.

The terms of both deals were also not disclosed.

Echo360 raised $31 million last year from District-based Revolution, a venture capital firm helmed by former AOL executives Steve Case and Ted Leonsis.

Steven Overly covers the business of technology, biotechnology and venture capital in the Washington region for The Washington Post and its weekly Capital Business publication. In that capacity, he has written about start-up struggles, investment trends and major drug discoveries.
Comments
Show Comments
Most Read Business