Eutelsat has signed almost €1 billion in Export Credit Agency financing to support the procurement of new LEO satellites for its Starlink rival OneWeb constellation.
The facility will be provided by a pool of commercial banks and benefits from a French State guarantee arranged through Bpifrance Assurance Export, covering the equivalent of €975 million.
The financing underpins Eutelsat’s recently announced agreement with Airbus Defence and Space for 340 LEO satellites, in addition to 100 already ordered. The spacecraft will be manufactured at Airbus’ Toulouse facility and are intended to maintain operational continuity for OneWeb customers by progressively replacing satellites as they reach end of life.
Eutelsat chief executive Jean-Francois Fallacher said the deal was a key element of the group’s refinancing plan. “We are grateful to the French State for its unwavering support. This funding significantly strengthens our financial structure and gives us the means to support the deployment of our LEO activities”.
Société Générale acted as sole global coordinator and sole bookrunner, as well as mandated lead arranger alongside Commerzbank, Crédit Agricole CIB (also facility agent), ING Bank and Helaba. Rothschild & Cie advised Eutelsat, with Latham & Watkins acting as legal adviser to the operator and De Pardieu Brocas Maffei advising the lending banks.
