(Telecompaper) Satellite operator Intelsat has filed for an initial public offering of shares on the New York Stock Exchange. The Luxembourg-based company plans to sell 21.74 million common shares at an indicative price of USD 21-25 per share, suggesting gross proceeds of around USD 500 million at the mid-point of the range. This would give the company a free float of 21 percent of outstanding shares. It will also offer 3 million convertible, non-voting preference shares. The underwriters have an option to sell another 3.26 million common shares and 450,000 preferred shares if demand warrants. Intelsat is controlled by private equity firm BC Partners with around 76 percent of common shares, and the firm Silver Lake Partners holds a 17 percent stake. The company plans to use the proceeds of the IPO to pay down debt.