30 December 2013
NewSat Limited advises that it has received a copy of the confirmation letter issued by the Malaysian Communications and Multimedia Commission (MCMC) to MEASAT Satellite Systems Sdn Bhd (MEASAT) with respect to the use of the orbital slot 91.5°E for theJabiru-1
satellite.
As part of
the
transaction
with MEASAT,
in which
MEASAT
agreed to
purchase
US$197
million of
Jabiru-1
satellite
capacity
payable over
the 15 year
life of the
satellite,
NewSat
agreed to
locate the
satellite in
an orbital
slot held by
MEASAT at
91.5°E,
providing
coverage
over both
MEASAT's and
NewSat's
target
markets. Use
of this
orbital slot
for the
satellite
owned by
NewSat
required the
confirmation
of the MCMC.
The confirmation letter issued by the MCMC is the last of the conditions precedent requiring input from a party other than the lenders or NewSat.
This confirmation finalises the export credit process. NewSat will now submit documentation demonstrating it has satisfied the Export Credit Agencies' conditions precedent to allow drawdown on the facilities to complete the construction of its Jabiru-1 satellite for launch in 2015. As previously announced, part of the submission will include a limited number of waivers of other conditions which have been agreed with the lenders