PanAmSat Corporation Announces Extension of Senior Note Exchange Offer

PanAmSat Corporation Announces Extension of Senior Note Exchange Offer WILTON, Conn., Jan. 21 /PRNewswire/ -- PanAmSat Corporation today announced that it is extending the expiration date for the exchange offer relating to certain of its outstanding senior notes. The exchange offer relates to the exchange of $1,010 million in aggregate principal amount of the Company's outstanding 9% Senior Notes due 2014 (CUSIP Numbers 697933AQ2, 697933AR0 and U69804AF6) (the "Original Notes"), issued on August 20, 2004, for a like principal amount in new notes registered under the Securities Act of 1933 (the "Exchange Notes"). The exchange offer, which commenced December 22, 2004 and was previously set to expire on January 21, 2005, will now expire at 5:00 p.m., New York City time, on January 28, 2005, unless extended. Except for the absence of transfer restrictions under the federal securities laws, registration rights, and certain special interest rate provisions applicable to the Original Notes, the Exchange Notes are identical to the Original Notes. Except for the extension of the expiration date, all terms and conditions of the exchange offer remain unchanged and in full force and effect. As of January 21, 2005, holders of approximately $1,007 million in aggregate principal amount of Original Notes have tendered Original Notes pursuant to the exchange offer. Requests for assistance regarding the exchange offer or for copies of the exchange offer materials should be directed to The Bank of New York, the exchange agent for the exchange offer, at (212) 815-6331. About PanAmSat Through its owned and operated fleet of 24 satellites, PanAmSat is a leading global provider of video, broadcasting and network distribution and delivery services. In total, the Company's in-orbit fleet is capable of reaching over 98 percent of the world's population through cable television systems, broadcast affiliates, direct-to-home operators, Internet service providers and telecommunications companies. In addition, PanAmSat supports the largest concentration of satellite-based business networks in the U.S., as well as specialized communications services in remote areas throughout the world. For more information, visit the Company's web site at http://www.panamsat.com/. Source: PanAmSat Corporation CONTACT: Kathryn Lancioni, Vice President Investor Relations, +1-646-293-7415 Web site: http://www.panamsat.com/ ------- Profile: International Entertainment