Intelsat plans IPO in New York

Satellite operator Intelsat Global Holdings announced Tuesday a plan for an initial public offering on the New York Stock Exchange.

The privately held company said it would price the shares between $21 and $25 per share to raise as much as $710 million. The date of the IPO was not announced.

The Luxembourg group, which will simplify its name to Intelsat SA and trade under the ticker "I," proposed to issue 21.74 million common shares and three million Series A mandatory convertible junior non-voting preferred shares.

The company, whose primary investor is private-equity firm BC Partners, has granted underwriters an additional 3.26 million ordinary shares and 450,000 preferred shares in case of strong demand for the offering.

A pioneer in satellite communications, Intelsat says it is the global leader in fixed satellite services, with a fleet of more than 50 satellites covering virtually all of the world's populated regions.

The group, whose operations are based in Washington, recorded $2.6 billion in revenues in 2012, according to its website.

Intelsat is headquartered in Luxembourg, like its rival SES, while Eutelsat is based in Paris. SES and Eutelsat have long been listed on the Paris stock exchange.