SoftBank-backed OneWeb sweetens deal for Intelsat
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New York
ONEWEB, the US satellite startup backed by Japan's SoftBank Group Corp, has increased its merger proposal for Intelsat SA by offering Intelsat's creditors a smaller discount for their bonds than it had before.
The merger of OneWeb and Intelsat has been stalled because Intelsat's debt investors have not been willing to accept the US$3.6 billion haircut on their bonds the deal requires. OneWeb's new offer reduces the concessions Intelsat's bondholders must accept to about US$2.85 billion.
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