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| The Egyptian Satellite Company: ECA financing for 'Nilesat 201', Egypt |
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| On 23 September 2008 Export Finance closed as sole MLA and Facility Agent a US$ 168 million COFACE-covered 9 year term loan to fund the in-orbit delivery, including manufacture, launch & supply of ground system control, of The Egyptian Satellite Company's third proprietary TV & radio satellite, 'Nilesat 201'. |
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The Egyptian Satellite Company 'NILESAT' is the leading satellite operator for 'direct to home' TV & radio broadcasting in the Middle East & North Africa region, with a 45% market shares ahead of Arabsat and Eutelsat. Since the successful launch and operations of its two first satellites in the early 2000’s, NILESAT has been operating at first class standards as recognized by the market.
As such, while supply & in-orbit delivery of NILESAT's second satellite had been financed back in 1999 by BNP Paribas on the back of an Egyptian bank guarantee, this 'Nilesat 201' financing is the first cross-border facility extended to NILESAT on a stand-alone basis.
The US$ 168 million COFACE-covered buyer credit has been structured as a typical satellite corporate financing with an assignment in favour of the lenders of the 'Nilesat 201' financed satellite launch then in-orbit insurances.
'Nilesat 201' will be manufactured together with the ground control system by Thalès Alenia Space (who will also ensure the in-orbiy delivery), and launched by Arianespace in mid-2010. It is designated to progressively repace NILESAT first proprietary satellite while generating additional market shares for NILESAT.
Societe Generale and ABC International Bank (Paris Branch) joined the lending syndicate as Arrangers.
This highly visible transaction is of great importance for BNP Paribas relationship with two major French industrial corporates, Thales Alenia Space and Arianespace. We also expect such new success for Export Finance in Egypt, with one of our historical clients which is also key target for BNP Paribas Egypt, will further strenghten Export Finance foot-print in Egypt and lead to cross-selling opportunities in particular with Fixed Income.
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| Publication date : November 21, 2008 |
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