Intelsat

bankrupt

Telecom / Satellite — BC Partners

Deal Terms

Entry Year2008

Entry EV$16.8B

Entry Multiple12x

Leverage9x

Debt Amount$15.12B

Outcome

Exit Year2020

Risk Metrics

LTV (est.)90%

Debt / EV0.90x

Notes

$16.8B LBO — among the most leveraged in history. 9x EBITDA leverage. $15B+ in debt on a satellite operator with declining revenue. Filed Chapter 11 in May 2020. BC Partners extracted $600M+ in dividends pre-bankruptcy. Emerged 2022 under new ownership. Textbook overleveraged LBO.

Sponsor

Partners Group$185B AUM

Hot Potato History

2008→BC Partners + Silver Lake($16.8B)

Bankrupt May 2020. Silver Lake marked investment down 90% (-21% annualized return).