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The financing will enable the delivery of communication services to the UAE Armed Forces by the Borrower, Al Yah Advanced Satellite Communications Services PJSC (YahSat), through the use of two geostationary satellites and related ground infrastructure. YahSat is the UAE's first nationally-owned satellite operator and wholly-owned subsidiary of Mubadala Development Company (Mubadala).
Freshfields finance partner Nick Bliss, co-leader of the firm's Infrastructure and Transport Group, comments:
"This complex financing has been agreed in challenging debt market conditions, reflecting the strength of various participants and the project. It has adapted and developed some of the principles seen in the Skynet 5 UK MoD milsatcom financing. YahSat has taken the next step by providing a commercial communications service as well as a military one."
The Freshfields team was led by Nick Bliss, and included senior associates Don Stokes and William Coleman (Dubai office), associates Imtiaz Chowdhury and Rachel Quigley and counsel Glen Kelley, who is based in the Washington DC office.
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Posted by Nadeen El Ajou
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