NewSat Receives Final Ex-Im Bank Board Approval

20 July 2012

NewSat Limited has received final approval from the US based export credit agency, Ex-Im Bank, for a ~US$280 million direct loan. Following the 35 day Congressional notification and comment period, the Board of the Ex-Im Bank voted and approved NewSat’s application for debt funding to support the Jabiru-1 satellite project.

The funding commitment is subject to customary closing conditions. The terms of the debt funding are confidential and cannot be released at this stage.

In commenting on the Ex-Im Bank final approval, Adrian Ballintine, NewSat Founder and CEO said: “The final Board approval from the Ex-Im Bank is a significant milestone for the Jabiru-1 satellite project and culminates many months of hard work. The ~US$280 million in debt funding has been negotiated on favourable terms, which includes a low fixed interest rate and long tenure. Combined with COFACE, NewSat has now secured over US$380 million in export funding.”