Spanish satellite operator Hispasat is close to securing a term loan of around US$100m after the Export-Import Bank of the United States agreed to guarantee US$87.1m of the facility.
The loan, which is expected to be completed in the next couple of…
Spanish satellite operator Hispasat is close to securing a term loan of around US$100m after the Export-Import Bank of the United States agreed to guarantee US$87.1m of the facility.
The loan, which is expected to be completed in the next couple of weeks, will be used to help finance the purchase of the Amazonas-4A satellite from US-based Orbital Sciences.
SatelliteFinance understands that terms for the facility are along the standard lines for an ECA-backed facility with a maturity in the low double digits and interest below five percent.
Credit Agricole has been named as a mandated lead arranger on the loan while JP Morgan, La Caixa, BNP Paribas and BBVA are also thought to be part of the bank group.
Ordered back in June 2012, Amazonas-4A is based on Orbital Sciences’ GEOStar-2 platform and will contain 24 Ku-band transponders. The 3-tonne satellite will occupy the company’s orbital slot over Brazil with Hispasat hoping that the spacecraft will help it tap the burgeoning demand for DTH in the Americas.
The spacecraft is slated to be launched by Arianespace in Q1 2014 and sources have suggested that Hispasat and its advisers are due to hold talks with the French export credit agency Coface over guaranteeing a loan to support the costs of this launch.
Ex-Im Bank already has an established relationship with Hispasat, having guaranteed a US$228m 8.6-year loan provided by JP Morgan back in 2011. Proceeds from that facility were used to fund the construction of Amazonas-3 by Space Systems Loral.
The ECA also stated that it authorized a record-breaking US$1.4bn of loans and loan guarantees for satellites in last year. In the first quarter of FY 2013, the bank has already authorized US$516.9m.
