12 May 2011 11:35
Inmarsat signs US$700 million financing agreement with the
Export-Import Bank of the United States
12 May 2011: Inmarsat plc (LSE: ISAT.L) today announces the signing of a 12.5-year direct financing agreement with the Export-Import Bank of the United States ("Ex-Im Bank") to fund the build of the Inmarsat-5 satellites and certain other related capital items.
Under the agreement Inmarsat may borrow up to US$700 million and expects drawings to begin during the second quarter. The facility will have a total availability period of 4 years and then be repayable in equal instalments over a further 8.5 years. Drawings under the facility will incur interest at a fixed interest rate for the life of the loan.
The Ex-Im Bank facility will rank as a senior secured creditor of Inmarsat Investments Limited, pari passu with both the existing Senior Credit Facility and EIB Facility, and ahead of the 7.375% Senior Notes due 2017. Inmarsat Investments Limited is a direct subsidiary of Inmarsat Group Limited.
For further information:
Laura Furnival Inmarsat Tel: +44 20 7728 1206 Email: laura_furnival@inmarsat.com |
About Inmarsat
Inmarsat plc (LSE: ISAT) is the leading provider of global mobile satellite communications services. Since 1979, Inmarsat has been providing reliable voice and high-speed data communications to governments, enterprises and other organizations, with a range of services that can be used on land, at sea or in the air. The company's services are delivered through a global network of more than 400 distribution partners and service providers operating in 100 countries. For the year ended 31 December 2010, Inmarsat plc had total revenue of US$1,172 million (2009: US$1,038 million) with an EBITDA of US$696 million (2009: US$594 million). For more information, please visit www.inmarsat.com.