INTELSAT $2.25B BOND OFFERING

On September 5, Intelsat S.A. announced that its indirect wholly-owned subsidiary, Intelsat Jackson Holdings S.A. (Intelsat Jackson), priced a private offering of $2.25b aggregate principal amount of 8.5% senior notes due 2024. Intelsat Jackson plans to use the net proceeds from the offering to re-purchase or redeem its 7.5% senior notes due 2020 and for general corporate purposes, including re-purchase or redemption of its 7.5% senior notes due 2021 or other debt.

EUTELSAT 800M NOTES ISSUANCE

On September 25, Eutelsat Communications S.A. announced the launch and pricing by Eutelsat S.A. (Eutelsat) of 800m aggregate principal amount of 2% senior unsecured notes due 2025. Eutelsat plans to use the net proceeds from the offering to redeem at maturity its outstanding $800m aggregate principal amount 5% bond due 2019, resulting in annualized interest savings of roughly 24m.

SIRIUSXM TO ACQUIRE PANDORA

On September 24, Sirius XM Holdings Inc. announced that it entered into a definitive agreement to acquire Pandora Media, Inc. in an all-stock transaction valued at approximately $3.5b. Expected to close in the first quarter of 2019, subject to customary closing conditions, the transaction will produce a combined business with an expected $7b in pro-forma revenue in 2018, making it the world's largest audio entertainment company.

SPACEFLIGHT BOOKS FIRST GEO LAUNCH

On September 11, satellite rideshare company Spaceflight Industries, Inc. (Spaceflight) announced that it procured an upcoming mission to geostationary orbit on a Space Exploration Technologies Corp. Falcon 9 launch vehicle originally procured by Space Systems Loral (SSL), marking the first combined launch by Spaceflight and SSL and Spaceflight's first launch beyond low Earth orbit.

GAPSAT SELECTS TERRAN FOR GAPSAT-1

On September 12, GapSat Development Group Ltd. (GapSat), a provider of interim satellite solutions, including the resale of underutilized satellite capacity, announced plans to launch and operate its own satellite, GapSat-1. To be manufactured by Terran Orbital Corporation and launched in Q3 2020, GapSat-1 will be a small, all-electric geostationary satellite capable of transmissions in C-, Ku-, Ka-, Q- and V-bands for the provision of bring-into-use services.

CAPELLA CLOSES $19M SERIES B ROUND

On September 26, Capella Space Corp. announced that it raised $19m in a Series B investment round led by Spark Capital and Data Collective. The new funding will support development of the company's planned constellation of 36 Earth observation satellites, which will use synthetic aperture radar technology to provide high-quality imagery ondemand under any conditions.

SEPTEMBER LAUNCH SERVICES

September 10 - Space Exploration Technologies Corp. successfully launched the Telstar 18 VANTAGE/APSTAR-5C satellite for Telesat and APT Satellite Holdings Ltd. on a reusable Falcon 9 launch vehicle and recovered the Falcon 9's first stage on the "Of Course I Still Love You" droneship. The satellite the third high-throughput satellite in Telesat's fleet was manufactured by Space Systems Loral and will provide C- and Ku-band broadband services across the Asia-Pacific region from 138E.

September 25 - Arianespace S.A. (Arianespace) successfully launched the Horizons 3e and Azerspace-2/Intelsat 38 satellites on an Ariane 5 launch vehicle, marking the 100th flight of the heavy-lift Ariane 5 and the 300th flight for the Arianespace family of launch vehicles. Horizons 3e, which was manufactured by Boeing Satellite Systems, is the product of a joint venture between Intelsat S.A. and SKY Perfect JSAT Corporation and will serve broadband, mobility and government customers in the Asia-Pacific and Pacific Ocean regions. Azerspace-2/Intelsat 38, which was built by Space Systems Loral, will provide DTH television, government and network services to Europe, Asia, the Middle East and Africa.

SEPTEMBER LAUNCH SERVICES ORDERS

September 10 - Eutelsat Communications S.A. (Eutelsat) entered into a long-term multiplelaunch services agreement with Arianespace S.A. (Arianespace) under which Arianespace S.A. will perform five launches for Eutelsat up to 2027 using the Ariane 6 launch vehicle.

September 10 - Viasat Inc. selected United Launch Alliance to launch one of its three planned ViaSat-3 satellites on an Atlas V launch vehicle sometime between 2020 and 2022. Each ViaSat-3 satellite will provide broadband services to users in one of three coverage areas: the Americas; Europe, the Middle East and Africa; and the Asia-Pacific region.