Asia Broadcast Satellite Completes US$215m Bank Loan Financing

18 May 2011

 

Kingsbridge Ltd, the holding company of Asia Broadcast Satellite’s ("ABS") group of operating companies, has successfully closed a US$215m five year senior bank loan from a financial consortium comprising Goldman Sachs, HSBC, ING, Société Générale and Standard Chartered Bank.

 

The financing will be used to fully fund the capital expenditure program for ABS-2, a state-of-the-art high powered satellite to be launched at 75°E in 2013, as well as to provide funds for future strategic initiatives and acquisitions.

 

Thomas Choi, CEO of Asia Broadcast Satellite, said: "The financing has been completed at a highly attractive structure and terms for ABS. It is a strong endorsement of both the current performance and growth potential at ABS. The banks involved represent a strong mix of global, European and regional banks with significant satellite experience, providing an excellent match with ABS’ global footprint. This injection of capital will also enable ABS to further strengthen its service offering to existing and new clients."

 

Richard Sanders, Partner and Head of TMT at Permira and Director on the ABS board, added: "Since the Permira funds invested in ABS in November 2010, we have worked with Tom Choi and his team to bring together this financing. The financing was completed at an extremely favorable single digit interest cost and is a resounding endorsement of the group’s future growth strategy."