(Bloomberg) ? Intelsat, the satellite operator that sold $2.55 billion of junk bonds last month, will issue more than $300 million of additional debt today to distribute cash to its new owners, prompting a ratings downgrade of its bonds.

Moody?s Investors Service cut Intelsat?s existing debt by one step to Caa1, or seven levels below investment grade, saying in an e-mail the company was ?inclined to aggressively use leverage for financial rather than business purposes.? The new bonds, to be issued by its Zeus Ltd. unit, will be rated a step higher at B3.

At least 12 other companies have sold bonds since September 27 to pay a dividend to investors, including leveraged buyout funds, according to Bloomberg data. Credit-rating companies responded to each of those debt sales by cutting ratings or by saying reductions were possible.

Intelsat?s financing costs may be rising. The notes will yield 9.25 percent to 9.5 percent, according to a person familiar with the offering who declined to be identified. Intelsat last month sold $675 million of 10-year notes that pay 8.625 percent in annual interest. The new notes have a higher interest rate because they will be subordinate to the 8.625 percent notes, meaning investors will have a lower claim on the company?s assets.

The company will sell the securities at a discount to raise proceeds of about $300 million, the company said in a press release distributed by Business Wire.

Intelsat, the world?s second-biggest satellite operator, last month issued debt to fund its takeover by Apollo Management LP, Madison Dearborn Partners Inc., Permira Advisers Ltd. and Apax Partners. The $2.55 billion sale, which also included eight- year securities and seven-year floating-rate notes, was the largest junk-bond offering by a company in about 18 months.

The notes being sold tomorrow will increase in value over the first five years, and then start paying interest, the company said. Proceeds from the sale will be used to buy preferred shares held by Intelsat?s owners, according to the company statement. Deutsche Bank AG is managing the transaction. The debt of Pembroke, Bermuda-based Intelsat is rated BB- by Standard & Poor?s, three levels below investment grade. S&P cut its outlook on the company today to negative from stable. Intelsat Vice President of Finance Noah Asher didn?t immediately return a call seeking comment.

Intelsat sold $1 billion of seven-year floating-rate notes on January 28, along with $675 million of 10-year bonds and $875 million of eight-year securities. They rose more than 2 cents on the dollar after being issued, traders said. Intelsat may have cut interest expense by about $11 million a year if it had priced the bonds where they traded after being issued.

KDP Investment Advisors, a high-yield debt research firm based in Montpelier, Vermont, cut the company?s 7.625 percent notes and 6.5 percent notes to ?sell? from ?hold.?

Two of the company?s satellites malfunctioned since late November, causing the company to delay the bond sale by eight weeks. The failures also forced the company to increase yields on the debt by about half a percentage point to attract investors. Intelsat has enough capacity to handle traffic without needing to spend more on new satellites, said company spokeswoman Dianne VanBeber. She declined to comment further.