Construction of its Inmarsat-5 Ka-band satellite network
Inmarsat has announced the signing of a US$700 million, 12.5-year direct financing agreement with the Export-Import Bank of the United States (Ex-Im Bank) to fund the construction of its Inmarsat-5 Ka-band satellite network.
The financing agreement will enable Inmarsat to proceed with the contract they signed with the Boeing Group for the delivery of three 702HP Ka-band satellites in August 2010, as well as covering certain other related capital items.
This is part of a total $1.2bn estimated investment in the next generation satellite network through which Inmarsat aims to provide a global high speed mobile broadband service with download speeds of up to 50 megabits per second (Mbps).
The Inmarsat-5 satellites are to form the backbone of Global Xpress, a service that the company hopes will be more than 100 times faster than its current global L-band offering.
Under the financing agreement Inmarsat may borrow up to $700 million. The facility will have a total availability period of 4 years and then be repayable in equal instalments over a further 8.5 years.
Drawings under the facility will incur interest at a fixed interest rate for the life of the loan.
Source: Digital Ship
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