As reported by iTWire, approval of the Ex-Im loan comes just one day after NewSat announced it had secured further export credit funding of US$102.74 million from COFACE, the export credit agency acting on behalf of the French government, to finance the construction and launch of the Arianespace rocket, Ariane 5, which will launch NewSat’s Jabiru-1 satellite in geostationary orbit.
The Ex-IM Bank approval also follows the completion of the 35 day Congressional notification and comment period after the bank referred NewSat’s loan application to the US congress. The funding commitment is subject to customary closing conditions.
Combined with COFACE, NewSat has now secured over US$380 million in export funding and company CEO and founder, Adrian Ballintine, said the final board approval from the Ex-Im Bank was a “significant milestone for the Jabiru-1 satellite project and culminates many months of hard work.”
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Ballantine said yesterday the Jabiru-1 satellite at 70% utilisation was expected to generate more than US$3 billion revenue over the 15 year life of the satellite. “Considering satellites in the geography of Jabiru-1 are mostly in excess of 90% utilisation, NewSat’s projections are realistic and achievable,” Ballantine concluded.
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