Israel’s Spacecom has secured a US$105.4m loan with US export credit agency Ex-Im Bank to support the launch, construction and insurance of its Amos-6 satellite.
Most of the debt will likely go towards the anticipated US$85m cost of the bird’s…
Israel’s Spacecom has secured a US$105.4m loan with US export credit agency Ex-Im Bank to support the launch, construction and insurance of its Amos-6 satellite.
Most of the debt will likely go towards the anticipated US$85m cost of the bird’s launch by SpaceX in 2015, which is the third time Ex-Im Bank has supported the nascent Californian launcher.
It will also support the purchase of solar panels made by US-based ATK and its subcontractor Emcore, as well as insurance from Marsh USA.
Omri Arnon, Spacecom’s VP for business development, first revealed plans to tap ECA financing in an interview with SatelliteFinance last year.
Because Canadian manufacturer MacDonald, Dettwiler and Associates is developing Amos-6’s payload solution, Spacecom has also been seeking similar support from Export Development Canada. It is understood to be close to closing that transaction.
For Ex-Im Bank, the latest deal shows its continuing support for the US space industry, with 2013 being the third consecutive year that its satellite sector authorisations have surpassed US$1bn. Three years ago the sector accounted for only US$50m in authorisations per year.
Fred Hochberg, Ex-Im Bank’s chairman and president, said: “Ex-Im Bank is always ready to help the American space industry boost its international sales and export its products to important markets.
“Our support of American launches and exports levels the playing field for US companies and keeps highly-skilled, well-paying jobs on American soil.”
Back in June, Ex-Im Bank approved around US$343m in financing for the 2014 SpaceX launch of two satellites made by US-based Space Systems Loral.
In November 2012, the bank approved a financing package of roughly US$290m for two Boeing-built all-electric-propulsion satellites, which SpaceX is due to launch in 2015.
SpaceX COO Gwynne Shotwell said: “With export financing for contracts like the AMOS-6 mission, Ex-Im Bank helps SpaceX compete successfully with international launch service providers, bringing overseas satellite launch business and high-tech jobs back to American soil.”
Amos-6 is primarily being constructed by Israel Aerospace Industries (IAI) under a US$200m contract.
