Intelsat Announces Potential New Senior Unsecured Credit Facility

Pembroke, Bermuda, September 7, 2006

Intelsat Corporation (formerly known as PanAmSat Corporation) announced today that it expects to enter into a new senior unsecured credit facility, to the extent necessary to fund its pending change of control offer. As previously reported, completion of the acquisition of Intelsat Holding Corporation (formerly known as PanAmSat Holding Corporation) by Intelsat (Bermuda), Ltd. (“Intelsat Bermuda”), a subsidiary of Intelsat, Ltd., on July 3, 2006 resulted in a change of control under the indenture governing Intelsat Corporation’s approximately $657 million principal amount outstanding 9% senior notes due 2014 (the “2014 senior notes”). As a result, the holders of these notes have the right to require Intelsat Corporation to repurchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. Intelsat Corporation commenced an offer to purchase the 2014 senior notes (the “Change of Control Offer”) on August 2, 2006. The Change of Control Offer expires on September 26, 2006. Intelsat Corporation announced today that, to the extent holders of the 2014 senior notes tender their notes in the Change of Control Offer and it requires funds to complete the Change of Control Offer, it expects to enter into a new senior unsecured credit facility, the proceeds of which will be used to consummate the Change of Control Offer and to pay related fees and expenses.