Kingsbridge Ltd, the holding company of Asia Broadcast Satellite’s (“ABS”) group of operating companies, announced today that it has successfully closed a US$215m five year senior bank loan from a financial consortium comprising Goldman Sachs, HSBC, ING, Société Générale and Standard Chartered Bank.
The financing will be used to fully fund the capital expenditure program for ABS-2, a state-of-the-art high powered satellite to be launched at 75°E in 2013, as well as to provide funds for future strategic initiatives and acquisitions.
Founded in 2006 by CEO Thomas Choi, ABS is one of the fastest growing fixed satellite services operators in the world. It supplies bandwidth connectivity to broadcasting and telecom customers, serving over 80 customers in around 30 countries. ABS’ prime orbital locations cover 80% of the world’s population, targeting high growth markets in Asia, Russia, Africa and the Middle East. It currently has five satellites in the fleet and ABS-2 satellite in the pipeline.
Thomas Choi, Founder and CEO of Asia Broadcast Satellite, said:
“The financing has been completed at a highly attractive structure and terms for ABS. It is a strong endorsement of both the current performance and growth potential at ABS. The banks involved represent a strong mix of global, European and regional banks with significant satellite experience, providing an excellent match with ABS’ global footprint. This injection of capital will also enable ABS to further strengthen its service offering to existing and new clients.”
Richard Sanders, Partner and Head of TMT at Permira and Director on the ABS board, added:
“Since the Permira funds invested in ABS in November 2010, we have worked with Tom Choi and his team to bring together this financing. The financing was completed at an extremely favorable single digit interest cost and is a resounding endorsement of the group’s future growth strategy.”