The fourteen-year non-recourse financing will raise $1bn in term loan, $100m in stand-by term loans and $85m in debt service reserve letter of credit. Yahsat intends to close the financing with a club of 15 banks by August 2008.
Yahsat has appointed BNP Paribas as the financial advisor to manage the financing process.
"We are confident the financial markets will positively embrace our call for financing, particularly considering the robust growth and demand for satellite services in the region. Yahsat has a deep understanding of the needs of the region and has built a strong business model that will meet its financial obligations and ensure expected returns to investors," said Jassem Mohamed Al Zaabi, CEO of Yahsat.
Yahsat has already started generating sustainable business through recent deals with the UAE Armed Forces and Emerging Markets Communications, Inc., operator of one of the largest teleports facilities in the world, for leasing satellite capacities on a long-term basis.
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Yahsat to raise $1.2bn for satellite financing
- United Arab Emirates: Tuesday, May 20 - 2008 at 16:17
- PRESS RELEASE
Al Yah Satellite Communications Company PrJsc (Yahsat), the UAE's first nationally-owned satellite operator and wholly-owned subsidiary of Mubadala, is approaching the financial market to raise $1.2bn to finance its satellite communications system.
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For more information, please contact:Preeta Iyer
TBWA\RAAD\PR
Tel: +9714 425 8975
Fax: +971 4 426 7334
Salma Al Mansouri
PR & Communications Manager
Tel: +9712 406 1111 Ext 115
Fax: +9712 406 11 00
Posted by Eman HassanTuesday, May 20 - 2008 at 16:17 UAE local time (GMT+4)
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