Israel’s Spacecom has wrapped up US$293m in financing for its Amos-6 satellite with new loans from Canada’s export credit agency and Israeli manufacturer IAI.
The US$140m from Canada and US$47m from IAI comes on top of a previously announced US$106m…
Israel’s Spacecom has wrapped up US$293m in financing for its Amos-6 satellite with new loans from Canada’s export credit agency and Israeli manufacturer IAI.
The US$140m from Canada and US$47m from IAI comes on top of a previously announced US$106m commitment from the Export-Import Bank of the US.
Interest on the 8.5-year facility is based on the Commercial Interest Reference Rate (CIRR) and an annual spread currently set at 1.98%. It will be paid back in 34 quarterly payments, with the operator having the option of early repayment on undisclosed terms.
IAI is building the majority of the satellite under a US$200m contract, while its solar panels are being made by US-based ATK and its subcontractor Emcore.
Canadian manufacturer MacDonald, Dettwiler and Associates is developing Amos-6’s payload solution, and the spacecraft is due to be launched by California’s SpaceX for an anticipated US$85m in 2015. It also has insurance from Marsh USA.
Spacecom CEO David Pollack said: “Creating the loan framework with the leading export banks of the USA and Canada is recognition that Spacecom’s Amos-6 is an important project for the satellite industry.
“Amos-6 is an important building block of our forward looking business strategy and growth. We are excited to grow further in our programme toward becoming a global satellite operator.”
The new satellite will be launched to Spacecom’s 4W hot spot, where it will be more powerful than the two Amos-2 and Amos-3 satellites, which are currently at the position, combined.
It will have a 16-year lifespan and will expand the company’s mainly Central and Eastern Europe and Middle East service regions by adding Western Europe and multi-beam coverage over parts of Africa.
The financing comes shortly after its Amos-5 satellite at 17E suffered another power supply failure that knocked out all but two of its eight thrusters.
Shares in the company plummeted before the satellite’s manufacturer, Russia’s ISS Reshetnev, said it found an alternative power supply that could restore all of the Africa-focussed bird’s engines.
