Appleby acted as Bermuda counsel to the Asia Broadcast Satellite (ABS) group of companies in relation to its approximately US$470 million secured loan financing from the Export-Import Bank of the United States (Ex-Im Bank).
The Appleby team was led by Banking Partner Jeffrey Kirk and Senior Associate Rupen Shah. Milbank, Tweed, Hadley & McCloy in Washington D.C. acted as onshore counsel to ABS.
The loan financing will settle existing financings and also aid the building, launch and operation of several satellites from Space Systems/ Loral Inc. and Boeing Satellite Systems International respectively. The launch and technical support for the Boeing satellites will be provided by Space Exploration Technologies (SpaceX).
For global satellite operator ABS, the facility from Ex-Im Bank will assist in upgrading and expanding its existing fleet of satellites, which at present covers 80% of the world’s population.
Ex-Im Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
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