[SatNews] Spacecom (Tel Aviv Stock Exchange: SCC) has signed agreements with a consortium of banks and the AMOS-6 satellite manufacturer for a loan of just over US$293 million, to finance the construction, launch, insurance and financing costs related to the AMOS-6 communications satellite.
The consortium is led by Export Development Canada (EDC), which will loan up to US$140 million; Export-Import Bank of the United States (Ex-Im), which will loan up to US$106 million, and Israel Aerospace Industries (IAI) with a loan up to US$47 million. IAI is responsible for the manufacturing and the satellite's launch preparation, whose launch date is scheduled for 2015. The AMOS-6 satellite will be co-resident in the AMOS 4 degrees West 'hot spot,' the current home to the AMOS-2 and AMOS-3.
The withdrawals on this loan agreement will be executed during the satellite's construction period. Furthermore, the agreement states that interest will be based on the current annual rate of Commercial Interest Reference Rate (CIRR) and an annual spread that currently is 1.98 percent. The loan will be paid back over 8.5 years with 34 quarterly payments, with Spacecom keeping the option of early repayment at agreed upon terms.
AMOS-6 will be larger and more powerful than AMOS-2 and AMOS-3 combined. With a 16 year scheduled life span, the satellite will expand territories under current service by adding Western Europe and multi-beam coverage over parts of Africa to existing Central and Eastern Europe and Middle East coverage.