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Article: Intelsat CEO Credits Creative Funding Plan for New Africa Satellite.
- Article from:
- Satellite News
- Article date:
- December 10, 2008
CopyrightCOPYRIGHT 2008 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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[Satellite News 12-09-08] Intelsat has formed a joint venture with a South African investor group to finance a satellite to serve the growing communications market in Africa.
The joint venture, Intelsat New Dawn, was created along with Convergence Partners and will finance the $250 million project in a manner that has never been seen in South Africa, Intelsat CEO Dave McGlade told Satellite News. "I think it is impressive that we got this deal done in an incredibly difficult global economic environment," he said.
About 15 percent of the financing for the satellite will come from equity, with Intelsat's stake amounting to about $25 million. The ...