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.

About Intelsat

Intelsat is the largest provider of fixed satellite services worldwide and is the leading provider of these services to each of the media, network services/telecom and government customer sectors, enabling people and businesses everywhere constant access to information and entertainment. Intelsat offers customers a greater business potential by providing them unrivaled resources with ease of business and peace of mind. Our services are utilized by an extensive customer base, including some of the world's leading media and communications companies, multinational corporations, Internet service providers and government/military organizations. Real-time, constant communication with people anywhere in the world is closer, by far.

Intelsat Contact

Dianne VanBeber
dianne.vanbeber@intelsat.com
+1 202 944 7406

Intelsat Safe Harbor Statement

Some of the statements in this news release constitute "forward-looking statements" that do not directly or exclusively relate to historical facts. The forward-looking statements made in this release reflect Intelsat's intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, including known and unknown risks, uncertainties and other factors, many of which are outside of Intelsat's control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Detailed information about some of the known risks is included in Intelsat's quarterly report on Form 10-Q for the quarter ended June 30, 2006. Because actual results could differ materially from Intelsat's intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. Intelsat does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.