NewSat nabs $US102.74m in additional funding for Jabiru-1 satellite project

NewSat nabs $US102.74m in additional funding for Jabiru-1 satellite project

Receives funding from Coface on behalf of French government

Australian satellite company, NewSat has completed the seventh phase of its Jabiru-1 satellite launch by nabbing a $US102.74 million promesse de garantie from Coface on behalf of the French government.

The grant will be used to back loans to NewSat to finance the building of the rocket by Arianespace, Ariane 5.

NewSat did not reveal the terms of the promesse de garantie.

A condition to financial close of the Ex-Im Bank and Coface debt facilities is further funding of about $US200 million.

NewSat will use its general meeting of shareholders on July 23 to seek approval to raise that amount of ordinary equity, which forms the eight phase of the launch.

NewSat said that it now has intention to split funding between equity and mezzanine debt to minimise dilution to existing shareholders as much as possible. The company is in ongoing discussions with several interested parties in relation to this funding, but has not revealed the names of the parties.

Following the eighth step, the final move will be deployment into geostationary orbit.

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