Spanish satellite operator Hispasat has signed a US$228m ECA-backed loan with JP Morgan to finance the construction of its upcoming Amazonas 3 satellite.
The 8.6-year loan, which has been guaranteed by ExIm bank, was announced by the group on 1…
Spanish satellite operator Hispasat has signed a US$228m ECA-backed loan with JP Morgan to finance the construction of its upcoming Amazonas 3 satellite.
The 8.6-year loan, which has been guaranteed by ExIm bank, was announced by the group on 1 August.
Space Systems/Loral (SS/L) of the US is manufacturing the bird.
Commenting on the loan agreement, Hispasat president Petra Mateos said “the strong and favourable financial situation of Hispasat, with a net/EBITDA debt ratio to June 2011 of 1.29 times, has allowed the company to successfully complete this new financing transaction that will open new avenues of growth for the group in its reference markets”.
A spokesman for the operator declined to reveal further financial details about the loan.
This is not the first time that Hispasat has tapped ExIm to finance one of its satellites. In 2010, the group secured a US$175m 8.6 year structured finance loan for the construction of its Hispasat 1E bird, which was also manufactured by (SS/L). Banco Bilbao Vizcaya Argentaria (BBVA) and BNP Paribas arranged the transaction for the operator.
Based on SS/L’s 1300 satellite bus, Amazonas 3 will have 52 transponders in total, 33 in Ku-band and 19 in C-band. A launch provider has yet to be selected, although the spacecraft is scheduled to be lofted in 2013.
The bird will replace Amazonas 1 and be located at 61W covering the Americas and Europe with TV and telephony services. Hispasat claim that the spacecraft will also provide the first Ka-band services in Latin America, using nine spot beams in this band.
At the end of 2010, Hispasat’s sales from its overseas services represented more than 44% of the group’s total revenue. For the year to the end of 2010, the company posted consolidated revenue up 20% on the previous year to E181.3m.
The Madrid-headquartered operator controls satellites in three orbital slots: A transatlantic position at 30W, in which the Hispasat 1C, 1D, 1E and Spainsat birds are located; an oriental position at 29E, where the Xtar-Eur satellite is located; and the 61W American position that is currently occupied by its Amazonas 1 and 2 spacecraft.
