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Daily news   |
Spanish banks Santander and EBN lead € 31 million financing for PLD Space's MIURA 5 launcher 12 July 2024. The Spanish space
launcher company PLD Space has signed a €31.2
million syndicated loan with Banco Santander, EBN
Banco and the Instituto de Crédito Oficial (ICO).
The transaction is covered by Cesce's Strategic
Investments Policy and with legal counsel from
Deloitte and Watson Farley & Williams. This financing is
earmarked for the MIURA 5 space launcher programme,
encompassing both its technological development and
the expansion of PLD Space's industrial
capabilities, particularly the associated
infrastructure. Additionally, it will support the
company's corporate growth, which expects to
conclude 2024 with 300 employees. PLD Space's goal
is to conduct the first launch of MIURA 5 by the end
of 2025 and begin commercial operations in 2026,
with the aim of exceeding 30 launches annually by
2030 Banco Santander and EBN
Banco act as co-lead banks for this syndicated loan,
which includes participation from the ICO.
Additionally, EBN Banco serves as the agent bank and
guarantee agent. The financing is underwritten by
CESCE insurance, framed within its strategic
investment insurance line dedicated to the aerospace
sector. The transaction marks a
significant milestone in Europe within a sector
where bank financing is rare. This accomplishment
furthermore highlights PLD Space's business model as
highly market-focussed, demonstrating a substantial
level of operational and financial maturity Ezequiel Sanchez,
Executive President of PLD Space, said: "Securing
the support of major banks like Banco Santander, EBN
Banco and ICO, along with insurance from Cesce, is a
significant achievement for us. This rare operation
in the space launcher sector enables us to advance
our plans while safeguarding our shareholders'
investment.” The operation was signed
at the headquarters of the Ministry of Economy,
Trade and Enterprise and was presided over by the
Secretary of State for Trade, Amparo López
Senovilla, who accompanied the representatives
of the entities involved in the financing project. López Senovilla
stressed that "This operation, part of the PERTE
Aerospace programme, demonstrates the Government's
steadfast commitment to supporting the growth of
Spanish companies. The MIURA 5 space launcher
project benefits from this support, with Cesce
providing coverage on behalf of the State". Itziar Letamendi,
Global Head of Growth Debt of Banco Santander,
said that "We are delighted to support this
operation and contribute to the development of
leading sectors such as aerospace. MIURA 5 project
is evidence of the technological capabilities of
Spanish companies and their capacity to compete in
Europe and the world. Santander is proud to
participate and support the success of this
project". Rafael Gómez Perezagua,
Chairman of EBN Banco, comments: "We are proud to be
able to contribute to the development and
internationalization of Spanish businesses,
particularly in high-value sectors like aerospace.
The MIURA 5 project, led with expertise by PLD
Space, is both relevant and strategic. This aligns
with our philosophy of tailored investment banking
and collaboration with exceptional partners such as
ICO, CESCE, and Banco Santander.” José Carlos García de
Quevedo, Chairman of ICO, stressed
that "The ICO Group's involvement in this loan
demonstrates our commitment to promoting high-impact
projects within the framework of the Recovery,
Transformation, and Resilience Plan. In
collaboration with the private sector, we aim to
generate quality employment and drive the growth of
Spanish companies.” Fernando Salazar,
Chairman and CEO of Cesce, stated that “this
operation, covered under the Strategic Investment
Policy, is another example of the support we provide
to companies in their internationalisation projects.
We created this product to ensure the financing of
companies that market Spanish products with a highly
technological, digital and/or ecological component.
The aim is to create a renewed "export offer" in the
sectors of the economy of the future, or rather of
the present. And the aerospace sector is clearly one
of them.”
Strategies in Satellite Ground Segment 2024 - 4&5 September, London
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