King & Wood Mallesons has advised NewSat Limited on the US$390M financing of its Jabiru-1 satellite project, which achieved financial close on 13 February 2014. The export credit financing included US$300.5M from US-EXIM Bank and US$89.6M from COFACE (the French export credit agency).
The transaction is a milestone for Australia’s satellite industry, and highlights the continuing importance of Australia as a market for export credit finance.
The core KWM team comprised of Jeff Clark (Partner) and Charlie Detmold (Senior Associate), with Nicola Pearl (Senior Associate) and Charles Westh (Solicitor) assisting. Partner Peter Stirling advised in relation to corporate aspects of the transaction, and regulatory advice was provided by Renae Lattey (Partner) and Sam Porter (Senior Associate).
Commenting on the transaction, Jeff Clark said “We are delighted to have had the opportunity to assist NewSat in reaching this important stage in the Jabiru-1 project, and we look forward to working with them further as they move towards launch and beyond”.
Pillsbury Winthrop were NewSat’s US legal counsel, and Allen & Overy acted as the financiers’ US and Australian counsel.
