SpeedCast Closes US$ 55 million Senior Secured Credit Facilty
Hong Kong, July 9, 2013--SpeedCast has successfully closed a US$ 55 million Senior Secured Credit Facility. The proceeds of the credit facility was used to finance SpeedCast’s acquisition of a 100% effective interest in Pactel International and refinanced existing indebtedness held by TA Associates, SpeedCast’s controlling shareholder.
Pactel is a leading satellite communications services provider based in Australia. The company offers Internet, private networking and voice services to a diverse group of customers, including large oil & gas operators, telecom companies, governments and multinational mining companies. Pactel is headquartered in Sydney, with offices in Perth, Australia and Jakarta, Indonesia.
The buyout of Pactel follows the November 2012 acquisition of Australian Satellite Communications and the January 2013 buyout of Netherlands-based Elektrikom Satellite Service.
The Facility was fully funded by ING Bank N.V., Singapore Branch, as Mandated Lead Arranger, Facility Agent and Security Agent, and programs advised by Partners Group on behalf of its clients and Siemens Financial Services, Inc. as Mandated Lead Arrangers.
Related Articles:
