Mideast Satellite Start-up Aided By Timing, Location

摘要

Start-up satellite projects everywhere are facing tough questioning by investors and more-difficult access to debt, assuming they can find lenders. But Al Yah Satellite Communications Co. (Yahsat) of Abu Dhabi, United Arab Emirates, helped in part by its chosen market area, its backers and a dose of good luck with timing, is a striking exception. Backed by Mubadala, the investment arm of the government of Abu Dhabi, Yahsat was able to secure $1.2 billion in bank financing late last summer, and even had the luxury of an oversubscription to its offer. To top it off, investors were confident enough in Yahsat, despite the company's start-up status, to make the 14-year loans nonrecourse to Mubadala. Yahsat has two large satellites under construction by European contractors As-trium Satellites and Thales Alenia Space and set for launch in late 2010 and mid-201 1 by an Arianespace Ariane 5 and an International Launch Services Proton-M rocket, respectively. Both will carry large Ka-band payloads, with Yahsat 1A also carrying a Ku- and C-band payload for commercial services.