NEW YORK (Bloomberg) — Bermuda-based Intelsat Ltd., a commercial satellite operator, plans to sell $200 million of senior notes due in 2015 through one of its units, according to a person familiar with the offering.

The notes will "mirror" the company's 8.875 percent notes sold in June 2008, the person, who declined to be identified because term aren't set, said yesterday. The senior notes will pay an identical coupon, have the same covenants, and will be non- callable until January 15, 2010, the person said. The discount on the price of the new securities has not been determined, the person said.

Proceeds from the sale, which may occur as soon as today, will be used to fund an offer to buy debt due in 2012 and 2013, the company said in a January 14 statement on Business Wire.

The debt may be rated B3 by Moody's Investors Service, six levels below investment quality, and three steps higher at BB- by Standard & Poor's, the person said.