Hong Kong-based satellite broadband provider SpeedCast has raised US$55m through a new senior secured credit facility.
Proceeds from the loan will partially be used to finance SpeedCast’s recent acquisition of Pactel, the Australian natural resources…
Hong Kong-based satellite broadband provider SpeedCast has raised US$55m through a new senior secured credit facility.
Proceeds from the loan will partially be used to finance SpeedCast’s recent acquisition of Pactel, the Australian natural resources satcoms services provider. The remainder of the facility will go towards refinancing the debt that private equity firm TA Associates used to fund its US$32m buy out of SpeedCast from AsiaSat in September 2012.
ING Bank (Singapore branch), Partners Group and Siemens Financial Services were mandated lead arrangers on the financing.
Commenting on the transaction, Pierre-Jean Beylier, CEO of SpeedCast said: “We are delighted to have on board ING, Partners Group and Siemens, three top tier financial partners. Together with TA Associates, this gives SpeedCast the potential to fund further growth, both organic and by acquisition, and to take advantage of opportunities as they arise.”
Since TA Associates’ takeover, SpeedCast has followed an aggressive inorganic expansion strategy, snapping up three satcoms services firms in quick succession.
In December 2012 it acquired Australian Satellite Communications (ASC) and then a month later purchased Elektrikom Satellite Service, a maritime satcom services provider based in the Netherlands. Last month SpeedCast then announced the buy out of Pactel.
