June 13, 2012 /PRNewswire/ -- Boeing (NYSE: BA) and the U.S. Navy have successfully completed an in-flight demonstration of a satellite communications (SATCOM) system that, if implemented, will enable F/A-18E/F Super Hornet aircrews to conduct two-way, secure voice and data communications with other SATCOM-enabled aircraft, ships, ground forces and command centers.
The test took place May 23-30 at the Naval Air Warfare Center Weapons Division's Advanced Weapons Lab at China Lake, Calif., and was conducted by Air Test and Evaluation Squadron VX-31.
The SATCOM system was installed on a Navy EA-18G Growler – a variant of the F/A-18F that includes a SATCOM antenna.
During the flight testing, the VX-31 aircrew conducted satellite-enabled secure voice and data transmissions with a ground-based team at China Lake and at Naval Air Station Patuxent River, Md.
"Using the existing EA-18G architecture allowed Boeing and the Navy to demonstrate this capability less than 90 days after the initial request," said Mike Gibbons, Boeing F/A-18 and EA-18 Programs vice president. "This approach significantly reduced risk, cost and testing schedule, while demonstrating this important communications capability for the Navy."
The Boeing F/A-18E/F Super Hornet is a low observable, multirole aircraft that performs virtually every mission in the tactical spectrum, including air superiority, day/night strike with precision-guided weapons, fighter escort, close air support, suppression of enemy air defenses, maritime strike, reconnaissance, forward air control and tanker missions. Boeing has delivered more than 480 F/A-18E/Fs to the U.S. Navy. The F/A-18E/F has logged more than 166,000 combat flight hours supporting operations in Iraq and Afghanistan.
Source: PR Newswire (http://s.tt/1ejKR)
NewSat achieves significant financing milestone for Jabiru-1 project
18 June 2012
NewSat Limited is pleased to announce that the Board of the US based export credit agency, Ex-Im Bank, has voted and approved the referral to Congress of NewSat’s application for a ~US$280 million direct loan. The Board’s vote of approval to refer NewSat’s application to Congress is an indication that the transaction complies with Ex-Im Bank’s lending requirements, and follows over six months of due diligence by Ex-Im Bank and its advisors. Following a 35 day Congressional notification and comment period, NewSat’s application is eligible for a final vote on approval.
An application is currently under consideration by COFACE and NewSat expects to be able to provide an update to the market in July.
Lazard is acting as financial advisor to the Company on the transaction.
Steps to launch of Jabiru-1 satellite
The Jabiru-1 satellite project has entered the advanced stages, with key milestones to date as follows:
1. Acquired eight orbital slots
2. Secured US$601 million in binding pre-launch customer contracts
3. Executed satellite manufacturer contract with Lockheed Martin
4. Lockheed Martin is six months into satellite build and has completed Preliminary Design Review
5. Executed launch vehicle contract with Arianespace for launch in 2014
6. Ex-Im Bank Board approved the referral to Congress for a ~US$280 million direct loan for notification and comment
The final stages on the path to launch include:
7. COFACE approval for US$95-100 million debt facility guarantee (expected July)
8. Ex-Im Bank Board final vote on debt funding of ~US$280 million (following 35 day notification period)
9. Proposed equity capital raising of ~US$200 million
10. Complete satellite construction and launch
Lockheed Martin completes Jabiru-1 Preliminary Design Review
The Lockheed Martin team constructing NewSat’s next generation Ka-band satellite has successfully completed the program’s Preliminary Design Review (PDR), a major milestone in the program's development. During the five day PDR, representatives from Lockheed Martin Commercial Space Systems and NewSat thoroughly reviewed the spacecraft's design and advanced capabilities. The completion of the PDR milestone validates that the design meets NewSat’s critical requirements and advances the Jabiru-1 program into the Critical Design Review (CDR) phase. Jabiru-1’s construction is on schedule for launch in 2014.
Capital raising and EGM
Significant pre-launch customer commitments of US$601 million in take-or-pay contracts has enabled NewSat to increase the size and capacity of the Jabiru-1 satellite. The total cost of the Jabiru-1 satellite project is expected to be ~US$600 million, which includes a larger allowance for construction, launch and other associated costs.
The provision of the debt funding from Ex-Im Bank and COFACE is conditional on the Company raising ~US$200 million in equity. NewSat intends to raise the funds by placing NewSat ordinary shares with institutional and sophisticated investors. Due to the size of the placement (and the number of shares to be issued as a result), under the ASX Listing Rules NewSat must seek shareholder approval for the proposed share issue at a meeting of shareholders.
The proposed placement will be undertaken by way of a book-build and will not be underwritten. Further details of the proposed placement will be provided in the notice of meeting and explanatory memorandum which will be published on the ASX and sent to shareholders separately.
In commenting on the Ex-Im Bank referral to Congress, Adrian Ballintine, NewSat Founder and CEO said: “We are now in the final stages of financing the Jabiru-1 project. To date, the demand for satellite capacity has exceeded our expectations, with pre-launch customer contracts now at US$601 million and a robust forward sales pipeline. This has given us the ability to build a bigger satellite with more capacity and greater coverage. The increased customer contracts signed and final satellite design are expected to result in an increase in the aggregate revenue stream from Jabiru-1 over 15 years from approximately US$2.5 billion to approximately US$3.0 billion1.”
“The Ex-Im Bank has a clear understanding and appreciation of the satellite industry. The vote and the availability of Ex-Im Bank Commercial Interest Reference Rate (CIRR) (currently 1.76%) funding for Jabiru-1 validates the project’s key strengths; recurring revenues and solid cash flow. NewSat is in a very exciting phase of growth and transformation, as we achieve yet another key milestone towards the launch of Jabiru-1.”
“The completion of the Preliminary Design Review is a major milestone in the construction of the Jabiru-1 satellite. The NewSat technical team, led by CTO David Ball, has been at Lockheed Martin's US facilities completing the review. After a week with Lockheed Martin program engineers, we are pleased to confirm the Jabiru-1 satellite is on track for launch in 2014.”
1 Based on approximately 65-70% average utilisation rate.
In commenting on the successful completion of PDR, Joseph Rickers, Lockheed Martin Commercial Space Systems President said: "Throughout the week-long intensive design review, Lockheed Martin has demonstrated that the preliminary system design of Jabiru-1 is complete and the satellite is on track for an on-time delivery. The Preliminary Design Review milestone validates the Jabiru-1 program team’s progress to plan as well as NewSat and Lockheed Martin’s excellent teamwork.”
